Forclosure 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 ungly 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 forclosure process where abbandoned pets are found. They are taken to a vet for examination and after are taken to an animal sanctary for adoption.
Remax offers this service to help the communnity. 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
This video shows some tips to learn and expand your forclosure knowledge.