What is Pre-foreclosure and REO forclosure

Question

Answer

Pre foreclosure is the time that’s between the first missed payment and the final bank sale. REO is when the foreclosure process has already been completed and the house had been purchased by the bank at an auction due to it not selling. REO (real estate owned) isn’t necessarily a foreclosure, it’s technically known as a class of property thats owned by a lender.

Answer

I believe when a house is labeled pre-foreclosure it means that the owners/tenants have not made payments and could go into foreclosure if payment is not received. Foreclosure is when the bank repossesses the house. REO stands for “real estate owned.”

What is Pre-foreclosure and REO forclosure

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