What are the different types of foreclosure properties?
There are basically three stages to the foreclosure process. At each stage, the real estate is thought of as a distinct type of property that a new purchaser can acquire: “Preforeclosures” are still owned by the borrowers who are in default on one or more mortgage loan payments. www.foreclosure.com lists thousands of properties that are in this early stage. “Auction” properties have been posted for public sale and may be bought at the time of the foreclosure auction by arranging to pay the arrears plus other costs at the same time the lender legally takes ownership of the collateral. “REO” is the term for “real estate owned” by the bank, savings and loan, or other lending entity after the foreclosure sale (or “auction”) is concluded with no other purchaser buying the real estate. To summarize, a preforeclosure occurs when the lender initiates foreclosure proceedings as the result of a default. If the borrower cannot cure the default by paying the arrears, and does not sell the property
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