What are the different statuses of a foreclosure and what do they mean?
Jul 18, 2009 in
Financial and Loan Tips
John N
I am trying to buy a home for my family, so I found the local foreclosure listings, but I don’t know what the statuses mean. They are: settled, purchased, reinstated, bankrupt, canceled, closed, and redeemed. Please send me a message if you would like more info or a link to help me out. Thanks!
I am trying to buy a home for my family, so I found the local foreclosure listings, but I don’t know what the statuses mean. They are: settled, purchased, reinstated, bankrupt, canceled, closed, and redeemed. Please send me a message if you would like more info or a link to help me out. Thanks!
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One comment
JoelKatz on July 20, 2009 at 10:33 am
Bankrupt: Mortgagor has filed for bankrupcy. Home cannot be foreclosed.
Reinstated: Mortgagor has paid all monies due. Home cannot be foreclosed.
Settled: Mortgage is paid in full or refinanced. Home cannot be foreclosed.
Cancelled: Bank does not wish to sell the house. House will probably be foreclosed, but is not for sale.
Sold: The house was sold, often by the original mortgagor. The bank no longer holds the mortgage they were going to foreclose, so there will be no foreclosure sale.
Redeemed: The mortgagor exercised a statutory right to retain ownership of the property. This is much the same as “settled”.