Oh contrare John. Read your mortgage. They can foreclose if you don’t keep the property up to “neighborhood standards” or some such language, and a few other things. I’ve never seen it done, but it’s in there!
1.A property is foreclosed when the owner defaults on their payments. What are other reasons why people go into foreclosure?
When a homeowner defaults on his or her mortgage payments, and the mortgage is FHA or HUD approved, is the property held by the bank or by the FHA/HUD?
Thank you to everyone that responds to my post. I appreciate your time and information
Foreclosure happens when payments are not made. Period
Now the reason payments are not made varies, job loss,death, sickness, accidents, divorce, to name a few.
On FHA guaranteed loans the bank forecloses and then HUD reimburses the bank and takes property if it does not sell at auction.