Foreclosure leads are in demand! Our lead company provides quality leads from homeowners seeking foreclosure assistance. Nearly 10% of the nation's homeowners have lost their home in a foreclosure or have received a notice of default from their mortgage company because they are more than 120 past due on their mortgage payments. When the buyer defaults on the mortgage payments, the lender has the right to proceed with a foreclosure, which can involve auctioning off the house to recover as much of their investment as possible.
If the lender recovers more than what the buyer owes, and the proceeds are more than enough to cover the costs of the foreclosure (attorney fees, etc.), the buyer will get the difference. If the proceeds do not cover the expenses, what's left is called a "deficiency". In some states, the lender goes after the buyer for the deficiency. In others, it's forgiven, but the buyer gets a 1099 at the end of the year on which they must pay taxes.