Helping hardworking families become financially-stable homeowners for over 35-years.
What is Mortgage Foreclosure?
House are rarely purchased outright. As a result, purchasers borrow money from a lender.
In exchange for lending the money, the lender will hold a LIEN against the property. If the borrow fails to make the payments, the loan then goes into DEFAULT.
In default, lenders can exercise the lien, take legal possession of the property and sell it to pay off borrower's loan. against the property
House are rarely purchased outright. As a result, purchasers borrow money from a lender.
In exchange for lending the money, the lender will hold a LIEN against the property. If the borrow fails to make the payments, the loan then goes into DEFAULT.
In default, lenders can exercise the lien, take legal possession of the property and sell it to pay off borrower's loan. against the property
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NHS Phoenix, Inc. · 1405 East McDowell, Suite 100 · Phoenix AZ 85006
E-Mail: programs@nhsphoenix.org · Phone: 602.258.1659 · TDD 800.367.8939 · Fax: 602.258.1666
