Foreclosures are simply properties for which the owner has failed to meet his loan payment or other loan term obligations, forcing the lender, if they want to get some of their money back, to take over legal ownership and ownership and control of the property. Althogh more formal in a legal sense and more time consuming, a real estate foreclosure is similar to a lender repossessing the car from an owner who fails to make her monthly car payments.
Foreclosures are simply properties for which the owner has failed to meet his loan payment or other loan term obligations, forcing the lender, if they want to get some of their money back, to take over legal ownership and ownership and control of the property. Althogh more formal in a legal sense and more time consuming, a real estate foreclosure is similar to a lender repossessing the car from an owner who fails to make her monthly car payments.