Foreclosure is the legal process that allows a lender to take back a property when a homeowner stops making mortgage payments. Essentially, when someone buys a house with a mortgage, the house itself becomes the collateral for the loan. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that if the homeowner can’t pay back the loan, the lender has the right to take the house and sell it to recover the money that was borrowed. The foreclosure process usually starts when the homeowner falls behind on payments, and the lender files a public notice, often called a Notice of Default or a “lis pendens,” depending on the state. Once this notice is filed, the homeowner enters the preforeclosure phase, during which they have a limited time to either pay off the debt or work out a solution with the lender. If the homeowner can’t catch up on the overdue payments during this time, the house may go to a foreclosure auction, where it is sold to the highest bidder. If no one buys the house at the auction, the property becomes “real estate-owned” (REO), meaning the bank or lender now owns the home. Check out below to see what sold in Crosswinds West in October 2024:
22040 Edgewater, Novi: 2 bedrooms, 1.1 bathrooms, 1,100 sq. feet, 1 car garage, Sold Price: $220,000
Crosswinds West Home Sold
October 2024
Foreclosure laws vary from state to state, which means the length and complexity of the process can differ depending on where the property is located. For more information on Crosswinds West, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.