What Does A Foreclosed Home Mean

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What Does Pre-Foreclosure Mean? | Sapling.com – The pre-foreclosure period usually refers to the interim between the legal default notification and the foreclosure sale or auction. Lenders notify homeowners and the public of the outstanding mortgage debt after about three to six months of missed payments. Default notices and their delivery methods vary according to state foreclosure laws.

What does foreclosure mean – answers.com – A foreclosure does not indicate that it is impossible to get another mortgage, but it does mean that it will take more work than usual on the part of the borrowers to prove they are credit worthy.

The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can’t take back something the bank did not own. The bank foreclosed on the mortgage or trust deed and seized the home. There is a.

Foreclosure is the legal process by which a lender takes control of a property, evicts the homeowner and sells the home after a homeowner is unable to make full principal and interest payments on.

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Foreclosure is a process in which the estate becomes the absolute property of the lending institution. So, if you are looking at a property described as "foreclosure" it means that is owned by a lending institution. Short sale or pre-foreclosure is when the owner owes more than the home is listed for and is trying to sell it short of what they owe.

What Does HUD House Mean? | Sapling.com – After foreclosure, the mortgage lender submits a claim to the FHA and the home’s title transfers to HUD. Finding a HUD House. A HUD house is listed for sale through a local real estate broker or agent contracted by the department. Agents promote HUD homes much like they would other foreclosures and non-foreclosed properties.

What Does HUD Foreclosed Mean? | Pocketsense – A HUD foreclosed home is a home that was originally financed with an FHA loan. However, when an owner defaults on the loan, HUD pays off the loan and takes ownership of the home. In an attempt to recover this bad debt, the agency sells the property at or below market value to potential home buyers.

Is Buying a Foreclosed Home Ever a Good Idea? – Foreclosures are falling across the country. Real estate site realtytrac reports that the number of homes in foreclosure dropped 3% in 2015 compared to the previous year. But while foreclosure.