| A: |
A foreclosure property is a home that
has been repossessed by the lender because the owners failed to pay the
mortgage. Thousands of homes end up in foreclosure every year. Economic
conditions affect the number of foreclosures, too. Many people lose their homes
due to job loss, credit problems or unexpected expenses.
It is wise to be cautious when considering a foreclosure.
Many experts, in fact, advise inexperienced buyers to hire an expert to take
them through the process. It is important to have the house thoroughly
inspected and to be sure that any liens, undisclosed mortgages or court
judgements are cleared or at least disclosed. |
