MORTGAGE AND FORECLOSURE IN NIGERIA

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.


INTRODUCTION TO MORTGAGE AND FORECLOSURE 

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

WHAT HAPPENS IN A FORECLOSURE?

Foreclosure happens when a borrower fails to make their mortgage payments and the lender or mortgage investor must repossess and then sell the home. Foreclosure can also happen when the homeowner fails to pay their property taxes or homeowners association fees.

Is it good to buy a house in foreclosure?

The main benefit of purchasing a foreclosed home is savings. Depending on market conditions, you can purchase a foreclosed home for considerably less than you'd pay for comparable, non-foreclosed homes. Foreclosed homes are sold in "as-is" condition, and are typically unavailable for a walk-through before purchase.

Do you still owe money after a foreclosure?

After foreclosure, you might still owe your bank some money (the deficiency), but the security (your house) is gone. So, the deficiency is now an unsecured debt. But the promissory note lives on, as does your obligation to repay any remaining debt.

What does foreclosure do to your credit?

Once a home is lost to foreclosure, the homeowner's credit score could drop dramatically.

WHAT IS MORTGAGE?

Mortgage is a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Is there mortgage in Nigeria?

There are over 30 mortgage banks in Nigeria, among whom are First Trust Mortgage Bank Plc, Mutual Alliance Savings & Loans, Haggai Mortgage Bank Ltd, Federal Housing Authority (FHA) Mortgage Bank, Lagos Building Investment Company Plc, etc., where anyone who meets the requirements can access a mortgage.

Top 10 Best Mortgage Banks in Nigeria (2021)

FBN Mortgages Ltd.

Abbey Mortgage Bank Plc.

Platinum Mortgage Bank Ltd.

Safetrust Mortgage Bank.

Trustbond Mortgage Bank.

Federal Mortgage Bank of Nigeria (FMBN)

Lagos Building Investment Company.

Resort Savings and Loans.

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