A foreclosed home is one thatโs usually owned by a bank or lender. Lenders can foreclose on a home when homeowners stop making their regular monthly mortgage payments, meaning that they take over ownership of that residence.Banks and mortgage lenders will then try to sell these homes, often at lower prices or with a smaller down payment. And thatโs the main benefit of buying a foreclosed home: You might nab a residence that wouldโve otherwise been out of your price range.Although there are...
A foreclosed home is one thatโs usually owned by a bank or lender. Lenders can foreclose on a home when homeowners stop making their regular monthly mortgage payments, meaning that they take over ownership of that residence.Banks and mortgage lenders will then try to sell these homes, often at lower prices or with a smaller down payment. And thatโs the main benefit of buying a foreclosed home: You might nab a residence that wouldโve otherwise been out of your price range.Although there are...
