When is a property foreclosed?
Votes: 0
A property is foreclosed when a lienholder takes legal title to the property as compensation for delinquent debt
. Most commonly, foreclosures are done by banks, and more often than not, the holder of a first mortgage
on the property. However, foreclosure
may be pursued by a number of creditors, including the holder of a second or third mortgage, the IRS, state, or city for owed taxes, or even condo associations for delinquent condo fees.
Others in this Category