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What does Zillow mean by "Pre-Foreclosure" ?

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November 01 2012 - Decatur
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Profile picture for tyeshamurhy53
What to do when your renting a house that's in pre foreclosure
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June 05
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"Pre-foreclosure means the property is still owned by the current owner?" BIG NO!!!
A HOUSE IS NEVER OWNED BY THE PERSON LIVING THERE UNTIL THE LAST MORTGAGE PAYMENT IS MADE...TO OWN SOMETHING MEANS YOU HAVE ALL RIGHTS TO POSSESS AND DO WHAT YOU  WISH WITH IT NEVER NEEDING PERMISSION...
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April 05 2013
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Why do you say this?
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April 02 2013
It was a sad day when Zillow decided to list pre-forclosures on their website.
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March 21 2013
The status of a property which is in the early stages of being repossessed due to the property owner's inability to pay an outstanding mortgage obligation. Reaching pre-foreclosure status begins when the lender files a default notice on the property, which informs the property owner that the lender will proceed with pursuing legal action if the debt is not taken care of. At this point, the property owner has the opportunity to pay off the outstanding debt or sell the property before it is foreclosed.
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November 04 2012
A "pre-foreclosure" means that the property is in the beginning stages of foreclosure and still owned by the current owner.   It could be a short sale whereby the owner is trying to sell before the lender forecloses on the house.
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November 04 2012
Pre-foreclosure means the property is still owned by the current owner. It's also referred to sometimes as a short sale (the owner has more debt on the property than what they can sell it for) and sometimes you will see the words 'subject to third party approval' which also means short sale. The third party is the mortgagor.
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November 03 2012
Pre-Foreclosure means that a Lis Pendens has been filed on the property and will be put into the Foreclosure process if the the Owner of the property does not bring the mortgage current.  You have 2 processes.  The states dictate what the process is.  It is either Judicial or NON-Judicial.  The difference is that in a JUDICIAL state, you have about 12 months before the foreclosure becomes final, in a NON Judicial State, the foreclosure can take place in as little as 90 days, BUT they give the owner of the property 12 months to be able to "redeem" the property, meaning that the owner can come back in and make the mortgage current anytime within the 12 monts.
If there is no hope of an owner bringing the mortgage current, it is smart to contact a realtor, such as myself, who specializes in Short Sales to guide them thru the process.  This can be a very emotionally charge time for the owners, and they need someone who tells the truth, keeps their Best interests at heart
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November 01 2012
A short sale is often called a per-foreclosure sale. The seller is trying to find a buyer before the lender files for foreclosure or while the owner is trying to hold off the foreclosure process from happening. Sometimes is does anyway.

Tim
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November 01 2012
A property that has been issued a Notice of Default (aka NOD)
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November 01 2012
 
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