Bob Howard, Home Buyer in Panama City Beach, FL

What does it mean when a home is in foreclosure?

Asked by Bob Howard, Panama City Beach, FL Sun Aug 26, 2012

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Jeff Metcalf, Agent, Saint Augustine, FL
Sun Aug 26, 2012
BEST ANSWER
Hello again Mr. Howard,

When a home is in foreclosure that means the homeowners have defaulted on their mortgage and the bank or mortgage holder has gone through the legal process of re-acquiring the home. When the home and mortgage revert back to the original lender the home is deemed "foreclosed."

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
(904)495-0115
http://www.Realty2Reality.com
2 votes
Cheryl Gille…, Agent, Ponte Vedra Beach, FL
Sun Aug 26, 2012
When a home is in foreclosure it means the lender is taking back the property.
1 vote
Bill Eckler, Agent, Venice, FL
Sun Aug 26, 2012
Simply stated, a home that is in foreclosure is one the is still owned by the owner but is in the process of being reclaimed by the lender because of the owner's inability to maintain its mortgage payments.

Bill
1 vote
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