Council Foreclosures

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Foreclosure Glossary

Pre-Foreclosure
(Notice of Default or Lis Pendens)
The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice, called a Notice of Default or Lis Pendens. Show more
Auction
(Notice of Trustee Sale or Notice of Foreclosure Sale)
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Show more
Bank-owned
(Real Estate Owned)
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell Show more
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