John N asked:


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!

Kansieo.com

One Response to “What are the different statuses of a foreclosure and what do they mean?”

1. JoelKatz on June 15th, 2011 9:00 pm

   Create a video blog…instantly.

   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”.