Guides
The words people use about your house
Investors sort distressed homes into categories. If your home is in one of them, here is what each word actually means for you, and what you can still do.
Pre-foreclosurePre-foreclosure is the window between falling behind and the sale. What the law gives you in that window, what the letters are, and what to do first.Short saleHow a short sale works, what to get in writing so the shortfall does not follow you, the tax question, and how it compares with a foreclosure.AuctionWho bids at a trustee or sheriff sale, what the lender bids, what happens to money left over, and whether you can still get the house back.Bank-owned (REO)What REO means, what happens if you still live in the house after the bank takes it, cash for keys, tenants, and what you might still owe.Tax liens and tax deedsThe two ways states sell homes for unpaid property tax, how redemption works, and your right to the equity above the tax debt.Heirs' propertyWhat heirs' property is, why it is at risk of foreclosure and forced sale, and the federal protections for family members who are not on the loan.
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A HUD-approved housing counselor is free on 1-800-569-4287. This site is general information, not legal advice.