Mortgages

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.

Buying Foreclosed and Short Sale Homes

Buying Foreclosed and Short Sale Homes

Distressed properties offer homebuyers unique opportunities to buy real estate at a cost significantly lower than market value. It is important to understand the method of buying foreclosures and short sales before beginning the process.

Meridian Home Mortgage can guide you through the often tedious process of buying a distressed property.

We can also refer you to a qualified real estate agent in your area who specializes in the sale of distressed properties.

In addition, many state and local governments have Neighborhood Stabilization Programs (NSP) the offer down payment assistance for the purchase of foreclosed propertied. See if this program is available in your state or locality.