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Occurrence of Foreclosure

  • A foreclosure occurs when borrower cannot make mortgage payments and the lender is legally given the right to take possession of collateral property. A short sale occurs when profits from selling a home are less the than debt remaining on a mortgage. In this case, the lien holder often agrees to release the debtor of the remainder of the loan.
  • On the other side of this coin is an opportunity for buyers looking to purchase a home at a discounted rate. While it might take more paperwork and some hoops working with a bank to get the sale approved, these homes can be discounted as much as $60,000 (RealtyTrac, a real estate information company). Have a home inspected before proceeding with the purchase as these may require extensive repairs, remodeling and insurance.

Business Finance


Startups are sweeping the nation. With the burgeoning tech industry and the DIY convenience of using the web as your storefront, entrepreneurial ventures have become commonplace. A University of Phoenix survey found 63 percent of adults in their 20s want to run their own businesses.

Small Business Facts

  • Around 400,000 new businesses open every year.
  • The SBA defines small businesses as those with less than 500 employees.

Top fastest growing sectors in 2014

  • Electronic shopping and mail-order houses
  • Software publishers
  • Computer systems design and related services
The document Foreclosures, Short Sales and Business Finance | Financial Literacy for Class 6 is a part of the Class 6 Course Financial Literacy for Class 6.
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