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What is a foreclosed listing?
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.
Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust.”
What is a pre-foreclosure?
Pre-foreclosure is essentially a period in which a homeowner who is unable to deliver on his or her mortgage payments can either find a way to make up the missing payments or work with their lender to sell the home.
A property becomes subject to pre-foreclosure after the property owner falls behind on a number of mortgage payments and therefore defaults on the loan that is financing the property. Once the loan falls into default, the lender will either file a ‘lis pendens’ or a notice of default against the owner of the property.
In the period of pre-foreclosure, the property owner can halt the foreclosure by catching up on his or her mortgage payments or a deed in lieu of foreclosure, which gives ownership of the property back to the lender. Property owners can, if their lender is amenable, make a short sale in which a third party buys the home from the lender for less than the agreed upon mortgage.
What does REO stand for and mean?
Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender, typically a bank, government agency, or a government loan insurer, after an unsuccessful sale at a foreclosure auction.