How to Foreclose on a Home

Video Transcript

"Hello, my name is Penny Smith. I'm a North Carolina real estate broker, and today, I'd like to talk to you about a subject titled, How to foreclose on a home. Well, that subject is a little perplexed, in that, a home that is being foreclosed on, is only being done so by a bank, or a first lien holder. A second lien holder, or a mechanics lien holder, cannot foreclose on a home. All they can do, is wait for the home to be sold, and that they will then be paid in required payment, by a bank, in order to release a clear title, and deed, to that home, so when you're talking about foreclosing on a home, you personally cannot do so, but a bank can, or a first lien holder can, and that is the information on how to foreclose on a home. Thank you, and I hope you have a good day."