CENTURY 21: The Gold Standard

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How does a home go into foreclosure?

A foreclosure or distressed sale begins when the owner stops making the mortgage payments. After the delinquent owner has missed several payments, the lender will record a notice of default against the property. There are typically three opportunities to buy a foreclosure:

• After the borrower is delinquent on the mortgage payments but before the trustee sale.
• At the trustee sale.
• Or from the foreclosing lender after the trustee sale.

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