| Giving You Knowledge & Power To Buy And Sell Real Estate. |
Your-Real-Estate-Resources.com |
Glossary Of Foreclosure Terms -
Definitions Of Foreclosure Terms
The following is a list of some of the most commonly used terms relating to
foreclosure real estate:
Bank Owned
The bank has title (ownership) to the property. The bank is the seller.
Foreclosure
A foreclosure is the process by which a lender, through court procedures,
takes back a property on which the mortgagor has defaulted. The foreclosure
process does not begin until the owner is 60 to 90 days behind in mortgage
payments. Foreclosing on a property typically involves a forced sale of the
foreclosed property, often by public auction. The foreclosure auction
proceeds are then applied to the mortgage debt. The foreclosure process
typically takes several months to complete and the procedure operates
slightly differently in each state.
Pre Foreclosure
The term pre foreclosure usually refers to the time during the foreclosure
process, but before the sheriff’s sale. Pre foreclosure is the procedure in
which a lender allows a mortgagor to avoid foreclosure by selling the property
for less than the outstanding balance of the loan. A Pre foreclosure can
involve a deal between the homeowner, seller, and sometimes, the lender.
Forbearance
Forbearance is a postponement by the Bank (lender) of foreclosure to give
the borrower time to catch up on late mortgage loan payments.
Short Sale
A short sale is a property sale where the proceeds fall short of what the
owner still owes on the mortgage. With a short sale, the seller might ask the
bank to take a 'short payoff' on the loan, whereby the bank accepts less than
what was owed on the loan. Banks are in the business of lending money
rather than owning properties, so will often accept a short sale. By accepting
a short sale, the bank (or lender) can avoid a lengthy and costly foreclosure
process. Circumstance for each case differs and the bank is not required to
accept any short payoff.
Sheriff's Sale
A Sheriff's sale involves a public auction of a borrower's assets seized in a
foreclosure order obtained from a court. A sheriff or other court officers carry
out a Sheriff's Sale. Assets pledged as loan collateral and secured by
attachments, liens, or mortgages may be sold at auction.
REO
Real Estate Owned (REO) refers to real estate owned by the lender through
foreclosure (usually 'Bank owned')
Redemption Period
The redemption period is the time frame established by state laws during
which a borrower may reclaim the title and possession of property from a
foreclosure sale or tax sale by paying the sale price, interest and costs. (No
all states have mortgage redemption laws.)
Here are four low-cost products to help you get started buying foreclosure
properties. Click on the links below to learn more:
1. Discover How To Become Wealthy From Foreclosures Without Using Your
Money or Credit. CLICK HERE
2. THE SECRET TO SECURING PREMIUM REAL ESTATE IN B.C. &
ALBERTA
FOR UP TO 50% OFF! - "Discover How A Small Group Of 'Insiders' In B.C. &
Alberta Are Making Massive Profits By Getting Foreclosures Before The
Public (Including Even Realtors) Know About Them..." CLICK HERE
3. How To Build Massive Wealth In Real Estate Foreclosures!
A simple, yet powerful and proven formula that will grab you by the hand and
walk you step by step to your real estate fortunes! CLICK HERE
4. "Starting Today, YOU Can Start Making More Money, With Less Effort, and
Dominate Virtually Any Foreclosure Market by Plugging Into The Most
Powerful (yet dead-simple to use) Pre-foreclosure Analysis Software Ever
Created... Absolutely Free!" CLICK HERE
Disclaimer: This real estate article does not give financial or legal advice. When buying or
selling real estate, or taking out a mortgage/loan, or restructuring a mortgage/loan -
ALWAYS seek proper legal and financial advice. See disclaimer below.
Definitions Of Foreclosure Terms
The following is a list of some of the most commonly used terms relating to
foreclosure real estate:
Bank Owned
The bank has title (ownership) to the property. The bank is the seller.
Foreclosure
A foreclosure is the process by which a lender, through court procedures,
takes back a property on which the mortgagor has defaulted. The foreclosure
process does not begin until the owner is 60 to 90 days behind in mortgage
payments. Foreclosing on a property typically involves a forced sale of the
foreclosed property, often by public auction. The foreclosure auction
proceeds are then applied to the mortgage debt. The foreclosure process
typically takes several months to complete and the procedure operates
slightly differently in each state.
Pre Foreclosure
The term pre foreclosure usually refers to the time during the foreclosure
process, but before the sheriff’s sale. Pre foreclosure is the procedure in
which a lender allows a mortgagor to avoid foreclosure by selling the property
for less than the outstanding balance of the loan. A Pre foreclosure can
involve a deal between the homeowner, seller, and sometimes, the lender.
Forbearance
Forbearance is a postponement by the Bank (lender) of foreclosure to give
the borrower time to catch up on late mortgage loan payments.
Short Sale
A short sale is a property sale where the proceeds fall short of what the
owner still owes on the mortgage. With a short sale, the seller might ask the
bank to take a 'short payoff' on the loan, whereby the bank accepts less than
what was owed on the loan. Banks are in the business of lending money
rather than owning properties, so will often accept a short sale. By accepting
a short sale, the bank (or lender) can avoid a lengthy and costly foreclosure
process. Circumstance for each case differs and the bank is not required to
accept any short payoff.
Sheriff's Sale
A Sheriff's sale involves a public auction of a borrower's assets seized in a
foreclosure order obtained from a court. A sheriff or other court officers carry
out a Sheriff's Sale. Assets pledged as loan collateral and secured by
attachments, liens, or mortgages may be sold at auction.
REO
Real Estate Owned (REO) refers to real estate owned by the lender through
foreclosure (usually 'Bank owned')
Redemption Period
The redemption period is the time frame established by state laws during
which a borrower may reclaim the title and possession of property from a
foreclosure sale or tax sale by paying the sale price, interest and costs. (No
all states have mortgage redemption laws.)
Here are four low-cost products to help you get started buying foreclosure
properties. Click on the links below to learn more:
1. Discover How To Become Wealthy From Foreclosures Without Using Your
Money or Credit. CLICK HERE
2. THE SECRET TO SECURING PREMIUM REAL ESTATE IN B.C. &
ALBERTA
FOR UP TO 50% OFF! - "Discover How A Small Group Of 'Insiders' In B.C. &
Alberta Are Making Massive Profits By Getting Foreclosures Before The
Public (Including Even Realtors) Know About Them..." CLICK HERE
3. How To Build Massive Wealth In Real Estate Foreclosures!
A simple, yet powerful and proven formula that will grab you by the hand and
walk you step by step to your real estate fortunes! CLICK HERE
4. "Starting Today, YOU Can Start Making More Money, With Less Effort, and
Dominate Virtually Any Foreclosure Market by Plugging Into The Most
Powerful (yet dead-simple to use) Pre-foreclosure Analysis Software Ever
Created... Absolutely Free!" CLICK HERE
Disclaimer: This real estate article does not give financial or legal advice. When buying or
selling real estate, or taking out a mortgage/loan, or restructuring a mortgage/loan -
ALWAYS seek proper legal and financial advice. See disclaimer below.
| Terms and Conditions, Privacy Statement, Disclaimer © Copyright Market Leaders Ebooks. All Rights Reserved. |
 | |  | |  | |  | |  |
 | |  | |  | |  |
