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Pro Stage

Foreclosure is a legal process by which a lender can get back the borrowed money by selling or repossessing any mortgaged property if the borrower fails to repay the loan within the agreed time.

Do you know what a mortgage loan is? There are two types of loan available in the market. One is unsecured loan and the other is secured loan. Mortgage loan is a secured loan because this type of loan is provided only when the borrower can deposit any of his/her own property as a security deposit. It means if the borrower can not be able to repay the loan with the added interest in the future then the lender will have the legal right to sell or repossess the property to get the money back.

When a person can not repay the loan within the time that was fixed in the agreement, the mortgaged property goes into the stage of foreclosure. The lender can sell the foreclosure property and anyone who is interested to buy that foreclosed property can purchase it legally.

It is true that the price of foreclosed properties is comparatively lower than a same type of property that is not in a foreclosure stage. There are many advantages as well as disadvantages in foreclosure. The advantages are really more than the disadvantages.

The first and the biggest advantage of a foreclosure property is it is cheaper than the other real estate properties. It is true that the prices of two nearly same properties will differ if one of them is a foreclosed property and the foreclosed property will certainly be of lower cost.

What is the reason behind it? It is not that the foreclosed houses are made of low class materials or it is not a beautiful home to stay. The only reason is that the owner sells it at a low price to get the money at a pre foreclosure stage to repay all his debt in which s/he is drowning.

In the pre-foreclosure stage the bank or the lender allows the owner to sell the mortgaged property and pay back their debts. Usually the foreclosed properties are available in this pre foreclosure stage at a low price.

It is really an advantage that a buyer can have when he/she badly needs a home and does not have a big budget. It is really a great opportunity for them who do not have more money to buy a home.

Do not think that foreclosure provides no advantages to the borrower. If you think that the borrowers are the victim of it and every time they are bound to sell their house in a low price, then you are not right. The borrowers can also get some advantages from it. Think about that person who is deep into debts. What will the person do then to get rid of the debts? If the person fails to sell the foreclosed property it will be impossible to repay the debts. In that case if the bank can sell it, all the debts will be paid and the person will be free from the debts.

The disadvantage is that if the borrower can not negotiate properly with the buyer to sell the foreclosed property he/she can not get more money out of it. It will not provide the extra advantages to the borrower.

Jason Ricci for Pedal Train and PSG (Pro Stage Gear) Cases

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