When a piece of Real Estate goes into default, is a Repo or a Foreclasure
2007-08-31 07:14:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I think of them as the same thing. The foreclosure process in Texas requires the property to be sold at the courthouse steps to the highest bidder. The mortgage holder (or PMI company) is normally willing to bid as high as the loan payoff is so they normally outbid everyone else. When they leave the steps owning the home people say that the bank repo'd the house.
Then the mortgage holder puts the home on the public market thru a Realtor people call it a foreclosure property.
2007-08-31 07:24:37 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
Repos happen with cars and other belongings. Houses go into foreclosure.
Consider a short sale before letting them foreclose.
2007-08-31 14:19:16 · answer #2 · answered by Roland'sMommy 6 · 0⤊ 0⤋
To know that you will need to know the definition between real property and personal property. Real property is the actual home and all things permanently attached to it. Personal property are the things you have in the home i.e. furniture,tables,TVs,etc. Personal property is repossessed cause someone can come and actually pick it up and take it back. Real property is foreclosed on cause it can not be moved. Hope I helped.
2007-08-31 14:22:47 · answer #3 · answered by young2bballin 2 · 0⤊ 0⤋
Repos are for cars or other personal chattels. Foreclosures are for mortgages on real property. Functionally they are pretty similar -- you lose your property and may be left with a debt to pay.
2007-08-31 14:23:15 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If your house has wheels on it.... it can be repo's
If your house doesn't have wheels.... then it would be foreclosed on.
2007-08-31 14:25:23 · answer #5 · answered by DallasLoanGuy 2 · 1⤊ 0⤋