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A bank wants to foreclose on my landlord's property?

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linkmanager1 Joined: 09 Mar 2007 Posts: 17 13.52 Dollars($)	Posted: Tue Mar 13, 2007 1:08 am    Post subject: A bank wants to foreclose on my landlord's property? Like 0 Dislike 0 A bank wants to foreclose on my landlord's property. What is foreclosure? _________________ Home Loans Uk Petition Online
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Mar 13, 2007 3:56 am    Post subject: Like 0 Dislike 0 By foreclosing the landlord's property, the bank actually wants to take over the house and sell it at a public auction thereby getting back wheveter money he has offered as loan. Your landlord may have defaulted on the loan as a result of which the property will be foreclosed.
blue Joined: 21 Oct 2005 Posts: 1131 Location: MARYLAND 138.04 Dollars($)	Posted: Tue Mar 13, 2007 12:08 pm    Post subject: Like 0 Dislike 0 Hi Linkmanager, Welcome to Mortgagefit discussion board. As Adonis said, if a person takes mortgage and is unable to continue making payments it results in defaults. In such situation the lender has the right to foreclose, which means take back the property and sell it to recover his dues. You can read the other details about foreclosure from this page: http://www.mortgagefit.com/foreclosure.html Do let me know if you have any other questions. Thanks Blue

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