Want to know more about foreclosure or how to buy a foreclosed house? This article centers on the meaning of “foreclosed house” and how to buy a foreclosed house at auction, from the bank, with no money down, and in California. We will also be discussing the following: short sales, bank-owned, pre-foreclosure, repossession, bankruptcy, and realtors. <\/p>\n\n\n\n
The word “foreclose” was gotten from an old French word known as \u201cforclos\u201d, and is also called “forclore,\u201d with the Latin meaning (for<\/strong>) as outside and (clore<\/strong>) as close.<\/p>\n\n\n\n To buy a foreclosed house, the lender should legally (foreclose)the property from the borrower. Before we proceed, let us know the meaning of foreclosure and other discussions of the following stated above.<\/p>\n\n\n\n Foreclosure can also be known as foreclosing or foreclose, meaning preventing or stopping someone or something from escaping or barring them from doing something. It also means the process or act of recovering debt or taking possession of a person’s properties as collateral if the borrower fails to pay the debt when due to settling the debt. <\/p>\n\n\n\n It is an involuntary process whereby the lender legally does anything to the house\/property without permission from the borrower. Foreclosure is done at a public auction. Before a foreclosed, it must complete a foreclosure process. It might last for 120 days depending on the state\/area.<\/p>\n\n\n\n A foreclosed house is the past tense of foreclosure. The property(mortgage) owned by the borrower has legally been possessed by the lender. If the borrower fails to pay the debt at the excepted time. <\/p>\n\n\n\n If nothing is done to pay off your debts, the house or mortgage will legally become the lender’s property. That is when the property is foreclosed.<\/p>\n\n\n\n A short sale<\/a> is an agreement approved by both the borrower and the lender so that the borrower can sell his\/her mortgage. <\/p>\n\n\n\n It is also a voluntary process that allows the borrower to sell the properties at a lower price than the amount owed to the lender. <\/p>\n\n\n\n Any transaction made on the mortgage belongs to the lender. And the borrower still has more to pay if the lender wishes.<\/p>\n\n\n\n It is the first phase or step that the lender uses to claim the property of the defaulted borrower. It is a notice the lender gives to the borrower to obtain the money owned before the foreclosure. That is if the borrower fails to pay the specific amount of money at a specific time. <\/p>\n\n\n\n In pre-foreclosure, the lender can let the borrower make a payment or negotiate to get out of pre-foreclosure.<\/p>\n\n\n\n Bank-owned means a property(house) that is already foreclosed by the borrower or bought back by the lender if it was put on public auction and wasn’t sold after foreclosure. The bank, which has another name as real estate owners, becomes the bank’s own, and the bank maintains it. Bank-owned is out on competitive prices through realtors to recover their initial investment. The mortgage loan on the property no longer exists once it becomes the bank’s own.<\/p>\n\n\n\n It is a request form to postpone or save the borrower from foreclosure through a reaffirmation agreement. The agreement should include that the owner still has possession of the property and that the owner should make the payments on the loan to the lender on an agreed day to avoid foreclosure.<\/p>\n\n\n\nForeclosure<\/span><\/h2>\n\n\n\n
Foreclosed<\/span><\/h2>\n\n\n\n
Short Sale<\/span><\/h3>\n\n\n\n
Pre-foreclosure<\/span><\/h3>\n\n\n\n
Bank Owned<\/span><\/h3>\n\n\n\n
Bankruptcy<\/span><\/h3>\n\n\n\n