How to Buy a Foreclosed Home

How to Buy a Foreclosed Home

Information about Buying a Foreclosed / Bank Owned Home

Foreclosure is the process in which lenders attempt to recoup the amount owed on a defaulted mortgage loan by either repossessing or selling the property. It’s important to understand the basic foreclosure process before purchasing a property:

Buying a Foreclosure

The foreclosure process offers three opportunities to purchase bargain homes. There are pros and cons to each opportunity:

Down Payment Assistance for a Foreclosed Home

There is Federal Government assistance to help purchase a foreclosed home by providing eligible borrowers with down payment assistance. For more information about HomePath visit our Federal Down Payment Assistance Guide.