Foreclosure Homes For Sale

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Home foreclosure sucks. Trust me, I went through a foreclosure on my home in 2007. It was one of the most stressful events of my life. I ended up doing a short sale on my home, but it was still not a fun process.

What is foreclosure?

Foreclosure is the beginning of the process of your home being sent to auction by the bank. Every state has different stages at which the actual foreclosure process begins. A home in foreclosure can stay in the foreclosure real estate process for many months. I was able to sell my home before it went to a real estate auction, but it did go into foreclosure.

The process

Once you are around 2-3 months late on your mortgage, you’ll be close to defaulting on your home. Once you officially default, this is the pre-foreclosure stage. Again, this time frame varies from state to state.

HUD Homes

The Dept. of Housing and Urban Development (HUD) will often have homes for sale. HUD homes and HUD foreclosures are a popular way to buy properties in distress.

Buying Foreclosures

Buying foreclosures can be a fun way to invest…if you know what you are doing. Free foreclosure listings can be found if you know where to look.

Foreclosures are a big problem in really a handful of states (California, Florida, Nevada, Arizona). Search for Nevada foreclosures.

Tools

To find out what type of mortgage you could qualify for, check out my mortgage calculator. If you are behind are your home mortgage, I would suggest looking into loan modification.

Find homes in portland here.