Forest
Gump once said, life is like a box of chocolates, you’ll never know
what you’re going to get. That is very true because you can go to bed
tonight knowing tomorrow will be just as unpredictable as it was today.
Some surprises tend to be good and others, not so and an ideal example
of a bad surprise would be a foreclosure. A foreclosure is the effectual
action taken by a mortgagee to re obtain an asset from the mortgagor
legally due to several reasons.

There
are several types of foreclosures throughout the United States and many
other countries but the two most popular types are the judicial
foreclosure and the nonjudicial foreclosure. The judicial foreclosure
involves the court and is seen as the more proper type of foreclosure.
How this foreclosure works is the mortgagee files a lawsuit against the
mortgagor and the court handles all proceedings. The court will sell the
asset and the money obtained will be first given to the mortgagee and
any other lien holder. If there is any balance after both parties have
received their compensation, only then will the mortgagor be
compensated.

The nonjudicial foreclosure on the other is almost
the exact opposite of the judicial foreclosure. In this case, the
mortgagor handles all the proceedings and no legal body is involved.
This process is much cheaper, easier and faster. Many have chosen this
foreclosure over the previous. Nevertheless, the money distribution is
the same and the mortgagor gets the last share. Strict foreclosure is
also another type but isn’t too popular throughout the United States of
America.

There
are several reasons why a foreclosure may occur and most of them are
usually unpleasant. Some are aware and some aren’t but together they
choose to ignore that the residents before them were forced to the
streets and left homeless. The number one reason is usually because the
seller has been terminated from his current job and doesn’t have the
means to pay the lease. Another reason is perhaps the seller maybe ill
or recently involved in an accident making him or her incapable of
working and earning. Bankruptcy or an over-whelming debt might force the
seller to evict the home due to insufficient funds. Death or divorce
may put a man or a woman in a very tight spot where she has to manage
payment which is simply isn’t possible.

To find such properties, all you have to do is search the net where you will find tons of free foreclosure listings.