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Home Buying in Strong : Real Estate Advice

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Thu May 30, 2013
morgdevo answered:
Your best option is a real estate attorney to make sure everything is handled correctly.

Reach out to us at

Morgenstern DeVoesick PLLC

585-672-5500 or contact@morgdevo.com
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Wed Feb 10, 2010
KEITH PARKER answered:
THE DIFFERENCE IS A PRE -FORECLOSURE IS WHEN A HOMEOWNER IS IN DEFAULT ON THEIR MORTGAGE (BEHIND IN PAYMENTS) BUT THEY STILL OWN THEIR HOME AND THEY HAVE A CHANCE TO GET THEIR MORTGAGE REINSTATED BY PAYING THE REARS OR DO A SHORT SALE OR SALE THEIR HOME DOING A QUICK SALE. A FORECLOSURE IS WHEN THE HOMEOWNER FAILS OR IS NOT ABLE TO DO ALL THAT I JUST MENTIONED IN THE PRE-FORECLOSURE STAGE AND THE HOME IS USUALLY AUCTIONED OFF AT THE LOCAL COURTHOUSE OR BY AN AUCTIONEER. IF IT DOES NOT SELL AT THE AUCTION THAN IT IS BOUGHT BACK BY THE BANK AT THE AUCTION. IT IS THEN BANK OWNED AKA "REO". HOPE THIS HELPS. ... more
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