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A preforeclosure home is a home in which foreclosure proceedings may or may not have commenced. It is not necessary for a formal foreclosure notice to be filed in the public records for a home to be considered as a preforeclosure; however, more often than not, the notice of default will be made a public record. A.
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Definition of foreclosed in the Definitions.net dictionary. Meaning of foreclosed. What does foreclosed mean? Information and translations of foreclosed in the most comprehensive dictionary definitions resource on the web.
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A foreclosure is a home that belongs to the bank, which once belonged to a homeowner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can’t take back something the bank did not own.
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A foreclosed home can present a savvy investment opportunity under the right circumstances. Do your homework, and you might just come away with a diamond in the rough.
DEFINITION of ‘Pre-Foreclosure’. Pre-foreclosure refers to the state of a property that is in the early stages of being repossessed due to the property owner’s inability to pay an outstanding mortgage obligation. Reaching pre-foreclosure status begins when the lender files a default notice on the property, which informs the property owner.
Foreclosed Home. Foreclosure. Freddie Mac. BACK TO TOP. G. GreatSchools Rating. BACK TO TOP. H. Home Equity Line of Credit (HELOC) Home Valuation Code of Conduct (HVCC) Homeowners Association (hoa) homeowners association (hoa) dues. Homeowners Insurance. BACK TO TOP. I. Inspection.
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.