Residential Foreclosures

Residential Foreclosures

Definition

A category of foreclosures that include single-family homes, duplexes, apartments, condominiums, manufactured homes, and mobile homes. Typically the most common type of foreclosed property in any given market.

Residential Foreclosures and Loan Defaults

Residential Foreclosure

Residential foreclosures occur when a debtor defaults on a mortgage loan that holds a residential property as security for the loan. The term residential property usually refers to a non-commercial property where individuals and families live, typically a single family, but usually up to four families per dwelling. The lender first attempts to recover the past due balance so the debtor can bring the loan current. If the debtor does not bring the loan current, the residential property foreclosures process usually ends with the property being sold at an auction.

Find all Types of Residential Property Foreclosures

Residential property foreclosures make great investments for all types of buyers because these properties can be purchased for up to 50% less than current market values. We gather our data from multiple sources across the country to bring you the most comprehensive listings available anywhere. Now you can find cheap residential foreclosures of all types, including single family homes, luxury homes, apartment foreclosures, condo foreclosures, for sale by owner (FSBO) and much more. Best of all, we update our data every day, so you get the freshest real estate listings possible.

FAQ about Residential Foreclosures

  • You do not have to pay the property tax if you walk away from a home that is going to be foreclosed. A tax lien will be slapped on the property, but that will not be your concern. A foreclosure hits your credit record, though, so a short sale may be preferable. Consult a real estate attorney first for more specific guidance.

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