That represents 0.13% of all properties, a total of 6,861 foreclosed properties. 96% of major metropolitan areas saw an annual increase in foreclosure filings, with the highest foreclosure rates in Illinois, New Jersey and Ohio. And when it comes to the number of foreclosures initiated, California topped the list, followed by Florida, Tennessee, Illinois and Ohio.
Where are the most foreclosures?
That represents 0.13% of all properties, a total of 6,861 foreclosed properties. 96% of major metropolitan areas saw an annual increase in foreclosure filings, with the highest foreclosure rates in Illinois, New Jersey and Ohio.
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How much does a foreclosure drop your credit score?
According to FICO, for borrowers with a good credit score, a foreclosure can lower their score by 100 points or more. If your credit score is excellent, a foreclosure could lower it by up to 160 points.
What are the different types of foreclosure?
Jurisdictions across the country practice three types of foreclosure, and the procedures that apply to your circumstances depend in part on state and local laws and, in part, on the wording of your mortgage loan agreement. Mortgage defaulters living in Maine, Vermont and Connecticut should be familiar with strict foreclosures, since lenders in these states are among the few who can use this type of foreclosure process.
What is the meaning of foreclosure amount?
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a delinquent loan by taking possession of the mortgaged property and selling it. Foreclosure is a process that begins when a borrower fails to make payments on their mortgage.
What is the most common foreclosure?
Judicial Foreclosure This is the most common type of foreclosure. It's allowed in all states and in some states it's mandatory.
