Foreclosure is a legal proceeding in which a lender obtains a court ordered termination of all rights of the homeowner covered by a mortgage. Proceedings usually start with a letter of formal demand for payment from the lender. It is referred as Notice of Default (NOD). This is a form of threat to sell your property, termination of all your rights in that property and evict you from the premises.
Salt Lake Foreclosure consists of single family homes, but they also happen to Duplexes, Condos, Townhomes, and Apartments. Many real estate investors usually prefer foreclosure homes because they can often offer great deals. Some foreclosure properties needs a little rehab but most of them are still in good quality and shape.
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