what does foreclosed home mean

Pre-Foreclosure Definition – A pre-foreclosure home that goes up for sale is typically referred to as a short sale. Homeowners sometimes elect to sell their properties by any means possible before their defaults reach this stage. A pre-foreclosed home can be inspected by the buyer before the buyer makes an offer on the home.

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About Buying HUD Homes | HUD.gov / U.S. Department of. – HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale.

What Does HUD House Mean? | Sapling.com – Finding a HUD House. A HUD house is listed for sale through a local real estate broker or agent contracted by the department. Agents promote HUD homes much like they would other foreclosures and non-foreclosed properties. Buyers can find current listings on HUD’s website.

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Foreclosures – How Do They Work & Relate To Debt? – In cases when a lender does not use a deficiency judgment, a foreclosure can relieve some of your financial burden. Although it is a loss when a lender takes the home you partially paid for, it can be a start to rebuild your finances.

Advantages and Disadvantages of Buying a Foreclosure | HGTV – Advantages and Disadvantages of Buying a Foreclosure. Buying a foreclosed house can mean you get a great deal, but there are some things to watch out for, too. Real Estate. Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls.

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About Buying HUD Homes | HUD.gov / U.S. Department of Housing. – A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

What Does it Mean to Purchase a Foreclosure Property? | Home. – A foreclosure property is a piece of real estate that a mortgage lender sells to pay off a defaulted mortgage loan. Every foreclosure culminates in a public auction where the lender sells the property and anybody can purchase the property. Or you can purchase a foreclosure property from a bank after the bank purchases the property at the auction.

4 Reasons Why Buying Foreclosure Homes is Toxic Foreclosure – Wikipedia – This type of foreclosure is commonly called "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate the foreclosure. When the remaining mortgage balance is higher than the actual home value, the foreclosing party is.