what does a foreclosed home mean

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What does pre- foreclosure mean? – Quora – What Is Preforeclosure? A preforeclosure means the home is not yet been foreclosed upon and the seller is behind on the mortgage payments. The seller has the option of making up the mortgage payments and bringing the loan current, therefore, the h.

What does foreclosure redeemed mean? – Home Owner Soon – What does "foreclosure redeemed" mean? When a lender forecloses on a property, the homeowner has one last chance to stop the foreclosure. They can do this by paying off the entire mortgage balance, as well as legal costs incurred by the foreclosure.

What does it mean when a property is REO? | Nolo – What Does REO Mean? An REO (Real Estate Owned) property is a home owned by the bank after a foreclosure. By Amy Loftsgordon, Attorney. REO stands for "Real Estate Owned." If a property is REO, this means that the bank owns the property as the result of a foreclosure.

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Buying a Foreclosed Home: How a Foreclosure Sale Works. – Buying a foreclosed home can be a good way to score a deal while hunting for real estate. A foreclosure is a house whose owners were unable to pay the mortgage or sell the property.

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Foreclosure – Wikipedia – Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.

What Does Foreclosure Mean To A Buyer? – Home Owner Soon – What does foreclosure mean to a buyer? For many buyers, it means a chance to get a good deal on a property. When a house is foreclosed, it means the homeowner defaulted on their mortgage payments and was not able to pay off the mortgage despite receiving a notice of default.