When a home buyer takes out a mortgage loan, there are terms and conditions that allow the mortgage lender to take ownership of the home in the event of missed payments. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and this process is known as foreclosure. A foreclosure is a legal process that occurs when a homeowner is no longer making payments on the mortgage loan they used to finance their home. Foreclosure allows the mortgage lender to take ownership of the property and sell it, allowing them to recover the amount the homeowner owes on their mortgage loan. The contractual nature of a mortgage loan allows the mortgage lender to use the home as collateral in the event of the homeowner failing to uphold their end of the loan terms and conditions. Check out below to see what sold in Country Club Village in August 2024:
16085 Homestead Circle, Northville: 4 bedrooms, 3.1 bathrooms, 2,676 sq. feet, 2 car garage, Sold Price: $547,000
Country Club Village Home Sold
August 2024
Foreclosure also remains on a borrower’s credit report for anywhere from three to seven years, impacting their credit score drastically, which hinders their ability to get approved for other loans and even their standing when applying to rent properties. For more information on Country Club Village, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.