Foreclosure Semantics
Here is one for you all:
We use the word foreclosure pretty losely, but technically when is the house in foreclosure as opposed to pre-foreclosure?
Is the house in pre-foreclosure as soon as the lender files with the public trustee or the judge, and right up to the day of the sale? Or is it only really foreclosed when the house is sold?
Splitting hairs, but would like to know.
Correct the mortgage is in default untill the sale when the party defendents are forever foreclosed from any right, claim or interest in the subject property.
Another problem with splitting hairs is that those of us who are now "Age Challenged) are lacking in the initial imput.
In California The label Pre/Foreclosure is utilized on all properties that are delinquent in payments. This actualy preceedes the filing of the Notice of Default. that is a public notice, recorded, mailed to all persons in interest etc. The sale cannot be posted until a period of 90 days has passed. Then the Notice of Trustees Sale is posted, mailed affixed on the front door, etc. published etc. The sale then can occur any time after 21 days from date. At the sale when the nice little man says sold, three of the assembled bidders faint and one smiles. Then and then only in a little minute the property is Foreclosed. The deed is done, The Battle Won, The victory of life Begun, etc. etc.
Each state is a little different. So many mixes from British Commonlaw, to Code Napoleon, and a touch of Australian Logic in the California method.
Hope this answers your question, I asked this many years ago in Earl Warrens time, you should have heard the answer, long, involved and Sophomoric. Lucius
You guys don't need me anymore.