what does foreclosed home mean

The pre-foreclosure stage is the period between the time in which a Notice of Default (in nonjudicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.

Can the bank winterize my home while it’s in foreclosure. – Can the bank winterize my home while it’s in foreclosure even if I still live there?. (on behalf of the lender or subsequent loan owner) can’t drain the pipes and otherwise winterize your home while it’s in foreclosure. By Amy Loftsgordon, Attorney.. What Does “Winterizing” Mean? By winterizing, the servicer makes sure that a vacant.

What does foreclosure redeemed mean? – When a lender forecloses on a property, the homeowner has one last chance to stop the foreclosure. Doing this is called redemption, and there is usually a 6-month period during which you, as a home owner can collect the money needed to redeem 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.

Is Buying a Foreclosed Home Ever a Good Idea? –  · A foreclosed home can present a savvy investment opportunity under the right circumstances.. an affiliate advertising program designed to provide a means for sites to earn advertising fees by.

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Foreclosure Definition | What Does Foreclosure Mean. –  · What Does Foreclosure Mean? If your house goes into foreclosure, that means that you as a borrower have defaulted on your home loan, and the bank or lending agency has chosen to recover the remaining mortgage balance by selling the home. Foreclosure is one in a series of actions taken if the borrower is unable to pay their outstanding debts, or is unable to sell the property through short sale.

What Does a Decree of Foreclosure Mean? | Pocketsense – The best way to avoid foreclosure and the issuing of a decree of foreclosure and sale is to make mortgage payments on time. For home owners who are facing financial difficulty, this is a simple premise that is seemingly impossible to carryout.

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Similarly, being in pre-foreclosure doesn’t necessarily mean the home will go through the foreclosure process and end up in the bank’s REO (real estate owned) inventory. If a pre-foreclosure home is list for sale, it will be called a short sale , not a pre-foreclosure.