i also don’t really get “foreclosed” i’m guessing it means they’ve missed mortgage payments?
Edit: thanks everyone, lots of good info here!
In: 4
Most people don’t own houses, their banks do.
Someone gets into financial difficulties – perhaps they lose their job and can’t find another. The bank eventually gives up hoping for an easy resolution and sells the house.
All the bank really cares about is selling the house for more than the mortgage. The person living there is often in denial and so stages the home poorly, even though any extra on the sale price goes to them.
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