What is Forclosure

What is Forclosure

Foreclosure means owning a property (actually the bank owns it in reality) that you cannot afford to pay the mortgage anymore. And the bank takes it to sell it and get paid. The ugly part is that the bank can make an actual profit and you will still not get paid a penny. Now a new law will come into effect soon, like the legislation in Europe where if the property is sold for an amount greater than the mortgage, then the bank has to pay back that money (profit) to the owners.

What is foreclosure of pets?

This happens during the house foreclosure process where abandoned pets are found. They are taken to a vet for examination and after being taken to an animal sanctuary for adoption.

Remax offers this service to help the community. Other real estate agents in Malta are following this trend.

While a lot of pets find a home, some of them will never do because there is not enough demand for dogs and cats. If you would like to adopt, visit this website for more info

Foreclosure property for sale is like a closed box. You never know what is inside until the auction date which might be too overwhelming and mistakes can happen. Very costly mistakes actually. If you have the knowledge you have the power.  So it is advisible that you really do your homework well before going to these openings. Or you might want to take a professional real estate agent with you.

This video shows some tips to learn and expand your forclosure knowledge.