What is a foreclosures? foreclosures, is the authorized course of by which the financial institution or some other actual property creditor, recovers the property for non-payment.
Once this course of is finished, the creditor often sells the property.
Click to see full reply. Similarly one could ask, is pre foreclosures a brief sale?.
A: a pre-foreclosure is when a property proprietor has obtained a discover of default and foreclosures could also be described as imminent.
A brief sale is when the property proprietor owes extra on the mortgage than the market worth of the property and is asking the financial institution to simply accept a brief payoff of the mortgage.