What's the difference between preforclosure and forclosure?

Asked by No Profile, Redding, CA Tue Apr 14, 2009

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Debbie Russe…, Agent, Houston, TX
Tue Apr 14, 2009
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A foreclosed property has already been officially taken back by the financial institution that financed the property for the home owner. Procedures must be filed just like with a divorce. For example, it has to be announced in writing in a news paper 30 days prior to the scheduled foreclosure date. The reason you always see "at the court house steps is because; the final part of the process literally occurs at the court house steps. The foreclosure will take place on a particular date as announced in the news paper article. If that date falls on a holiday it does not matter because the final process always occurs literally at the course house steps. The financial institution that financed the property must make it available to others that day.

Pre-foreclosure means that the process or rather the entire process has not yet occurred. The financial institution and the home owner/borrower still own the home and the borrower still has a say up to a certain extent as allowed by financial institution and the law. It’s important to disclose to the public that the property is pre-foreclosure because at anytime during the process the new buyer could loose their ability to buy if the remaining portion or portions of the process become final. If you were a buyer and you were trying to buy a home that was pre-foreclosure and you did not know you might be out inspection money, appraisal money, etc. if the financial institution foreclosed on the property after you had conducted these transactions and prior to your closing. It’s about disclosure and or opportunity for both parties.
Web Reference:  http://www.debbierussell.com
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Voices Member, , Benton County, OR
Tue Apr 14, 2009
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Debbie Russe…, Agent, Houston, TX
Tue Apr 14, 2009
A foreclosed property has already been officially taken back by the financial institution that financed the property for the home owner. Procedures must be filed just like with a divorce. For example, it has to be announced in writing in a news paper 30 days prior to the scheduled foreclosure date. The reason you always see "at the court house steps is because; the final part of the process literally occurs at the court house steps. The foreclosure will take place on a particular date as announced in the news paper article. If that date falls on a holiday it does not matter because the final process always occurs literally at the course house steps. The financial institution that financed the property must make it available to others that day.

Pre-foreclosure means that the process or rather the entire process has not yet occurred. The financial institution and the home owner/borrower still own the home and the borrower still has a say up to a certain extent as allowed by financial institution and the law. It’s important to disclose to the public that the property is pre-foreclosure because at anytime during the process the new buyer could loose their ability to buy if the remaining portion or portions of the process become final. If you were a buyer and you were trying to buy a home that was pre-foreclosure and you did not know you might be out inspection money, appraisal money, etc. if the financial institution foreclosed on the property after you had conducted these transactions and prior to your closing. It’s about disclosure and or opportunity for both parties.
Web Reference:  http://www.debbierussell.com
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