2007-07-30 04:40:27 · 4 answers · asked by wondering 1 in Business & Finance ➔ Renting & Real Estate
There is not really a difference. When your home goes into foreclosure, basically it is repossessed by the bank. In terms of credit an auto repo and a foreclosure are both going to have very negative impacts on your credit score. Therefore, little difference both are bad and both cause you to have property taken away.
2007-07-30 04:44:51 · answer #1 · answered by dzwreck 4 · 2⤊ 0⤋
Foreclosure is a real estate term and reposessed is a chattel term (personal property) Both mean the same thing. They dont "Repo" a home and they dont "Foreclose" on a car. Just different terms for different industries.
2007-07-30 23:38:37 · answer #2 · answered by Dano N 3 · 0⤊ 0⤋
No actual difference, other than that 'in foreclosure' may mean that the legal process is not yet completed.
2007-07-30 11:49:47 · answer #3 · answered by acermill 7 · 2⤊ 0⤋
homes in foreclosure are in the process of being repossessed. the owner still has a set amount of time in which he can *cure* the mortgage and keep the home.
once the house has been repossessed, it is bank-owned.
2007-07-30 11:47:15 · answer #4 · answered by chieko 7 · 0⤊ 1⤋