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Preforeclosures: The stage at which preparations are made for foreclosure
Sheriff Sales: A sheriff’s sale is a public auction at which property that has been repossessed is sold by court order in order to compensate unpaid creditors. The proceeds of the auction are used to pay mortgage lenders, banks, tax collectors, and other litigants who have lost money on the property.
Foreclosures: is a 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]
Bankruptcy: is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
City Owned: What is city-owned property? From time to time, local cities and municipalities will sell properties and land – vacant lots, condemned buildings, abandoned homes, etc. – that it deems are no longer needed for public use.
Short Sales: is a way for a homeowner to avoid a foreclosure. In both situations, the homeowner is at least several months behind on payments. In a foreclosure, the bank or lending institution seizes the house, and they now own it and have to try to sell it themselves (or through an agency). In a short sale, the homeowner agrees with the bank to sell it for less than it is worth on the market.
Tax Liens: is a lien which is imposed upon a property by law in order to secure the payment of taxes. A tax lien may be imposed for the purpose of collecting delinquent taxes which are owed on real property or personal property, or it may be imposed as a result of a failure to pay income taxes or it may be imposed as a result of a failure to pay other taxes.
Rent to Own: also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.
Auctions: is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants’ behavior in auctions is called auction theory.
As-Is Deals: when employed as a term with legal effect, is used to disclaim some implied warranties for an item being sold. Certain types of implied warranties must be specifically disclaimed, such as the implied warranty of title. “As is” denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the buyer is accepting the item “with all faults”, whether or not immediately apparent.
Fixer-Uppers: In real estate vernacular, a fixer-upper is a property that will require repair (redecoration, reconstruction, or redesign), though it usually can be lived in or used as it is.

Foreclosure Definition

Via Business Dictionary: Legal process by which a lender cancels (forecloses) a borrower’s right of redemption of the mortgaged property through a court order (called foreclosure order). The court sets a date up to which the borrower can redeem the property by paying off the entire loan balance (including foreclosing expenses). Thereafter, the lender is free to sell the property and, upon the sale, applies the sale proceeds first to the due amount and pays the remainder (if any) to the borrower. The borrower remains liable for the due amount if the property remains unsold, and for the shortfall if the sale proceeds are insufficient to pay off the entire debt.

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… America’s largest provider of distressed properties, with more than 1.8 million foreclosure, preforeclosure, bankruptcy and tax lien listings across the United States located conveniently in one place.

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We are obsessed with providing the freshest listings because timing and accuracy mean everything when it comes to buying a distressed property. Scouring the newspaper for filings and sifting through courthouse records are no longer necessary to PROFIT on real estate bargains in today’s foreclosure market. You can easily find them right here at Foreclosure.com with the click of a button.

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