Foreclosure in Lakewood>Question Details

Katie, Renter in Lakewood, OH

What exactly is a pre-forclosure?

Asked by Katie, Lakewood, OH Fri Jul 13, 2012

details please?

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Or it is listed as a short sale which you got come ac-crossed a good deal! For a list of foreclosures click on the link! And also ask for a list of short sales!!
0 votes Thank Flag Link Tue Sep 25, 2012
Pre-foreclosure: is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.[1] Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).[2]

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property.[3] Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple.[4] Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

It has nothing to do with short sales or selling of a property.

Hope this helps with your question.
0 votes Thank Flag Link Fri Jul 13, 2012
how long does this process take. I long do i have to move out of his property
Flag Sun Oct 7, 2012
The Homeowner is behind in their payments, so they LIST the house with a Realtor and with the permission of the Lender, to sell it for less than the balance of the Loan:
This is called a Shortsale.
Pre-forclosure is bad name for it, because if they are successful, they are avoiding Foreclosure:
Realtors do not use the term PRE-FORECLOSURE.
0 votes Thank Flag Link Fri Jul 13, 2012
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