What Are Bank Foreclosure Listings?

What Are Bank Foreclosure Listings?

What Are Bank Foreclosure Listings?

Bank foreclosure listings are listings of real estate that have been foreclosed upon. A foreclosure is a process by which lenders attempt to recoup the value of a mortgage loan where payments are delinquent by seizing the property and selling it to the highest bidder, reports Investopedia.

Each state has its own laws for dealing with foreclosure. In 22 states, judicial foreclosure is the standard, where lenders must go to court and get permission to foreclose by proving the borrower is delinquent. In the other 28 states, nonjudicial foreclosure is the norm. Nonjudicial foreclosure is also known as power of sale and is typically a faster process than judicial foreclosure.