REO (Real Estate Owned) properties are those that have either gone through the foreclosure process and are now owned by the lender, usually a bank or financial institution or are pre-foreclosure and the bank has not completed the foreclosure sale process. Either way, the bank owns the property.
Foreclosures are properties the lender has taken back through the legal process due to the homeowner's inability to keep up with mortgage payments.
Pre-foreclosures are properties that are in the early stage of the foreclosure process. The homeowner has fallen behind on mortgage payments, but the lender has not yet completed the foreclosure process. (Tony PO Staff)
Answered
What's the difference?
Hello,
Can someone explain what the difference between REO's, Foreclosures, and Pre-Foreclosures are?
2K Views
1
Answer
one year ago
one year ago
Similar posts
You Asked & We ALL Answered!
Most Popular Questions
- Mortgage Reporting on Title Search?
- Tax Deed vs Foreclosure Implications?
- Estimating the loan balance on a Reverse mortgage?
- Pre-Foreclosure Info...?
- Statue of Limitations?
Most Recent Questions
- How is this possible: 2nd mortgage is being sold 1 month after the 1st mortgage is sold?
- this question is belongs to b1?
- Looking for Attorney Recommendations in South Florida?
- testing question?
- Apartment on First floor unresolved leak?
Can you answer these questions?
- Looking for Attorney Recommendations in South Florida?
- OFF MARKET PROPERTIES DIRECT WITH OWNERS !!!?
- Looking for creative buyers, seller finance in Marion County, FL?
- this question is belongs to b1?
- PropertyOnion to incorporate working with probates??
-
177one month ago
-
14523 hours ago
-
10010 months ago
-
5111 months ago
-
30one year ago
-
3010 months ago
-
27one year ago
-
26one year ago
-
20one year ago
-
20one year ago