Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution. (foreclosureuniversity.com)
Foreclosures have become very popular in Myrtle Beach over the last few years. One of many reasons for foreclosures being so common in the Myrtle Beach area is the fact that there are so many second home homeowners and with the economy being in the state it is, people are worried about paying their primary mortgage and their secondary home is left to suffer. With that said, people are salivating at the mouth when they see some of the super low foreclosure prices for sale. Foreclosures most of the time may not be in the best condition and need work but with time and proper fixing you can create your dream house for much cheaper than you may have ever imagined.
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