What does foreclosed mean

What Does a Final Judgment Amount on a Foreclosure Mean?

What does foreclosed mean

A final judgment is signed by a judge once the foreclosure case has gone through court proceedings. The final judgment allows the lender to legally sell the property in order to recoup some of the losses from nonpayment. In the final judgment, amounts owed on the property will be listed and you are required by law to receive a copy of the court document containing this information.

To begin foreclosure proceedings, a complaint is filed in the state where the property is located. A judge reviews the case and asks the borrower whether she contests the complaint. If the foreclosure is not contested and the loan against the property not satisfied, a final judgment can be handed down to determine how much the property should be sold for, based on the amount owed to the lender.

The final judgment amount in a foreclosure case is how much money is owed on the foreclosed property. This amount could include how much is left unpaid on the mortgage and any fees accrued during the foreclosure process. Fees may include unpaid interest and legal costs. Other lienholders could file suit and be listed in the final judgment. Amount owed may include unpaid utility bills and tax liens. The final judgment amount is typically what is listed at auction when a foreclosure is put up for sale.

After a final judgment has been given, a notice of foreclosure sale lets the public know about the upcoming auction on the property. A waiting period of typically more than 30 days is usually required before the property can be auctioned off. The final judgment may not reflect the true market value and sale at an auction could be difficult.

The starting bid at auction is the amount given during the final judgment and typically 10 percent is required as a deposit. In the case that the property sells for more than the final judgement amount, any surplus can be claimed by the property owner. If the borrower wishes to reclaim the foreclosed property, typically he has up until the sale of the foreclosure to come up with the final judgement amount.

What does a judgement mean? - Yahoo! Answers

Mar 21, 2007 Best Answer: A judgment is a court issued document stating that you owe someone money. You were sued and either lost or did not show up at court and

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The disposition of a judgement is the Courts or Judge's ruling. Case disposed as indication that a trial is over and case was thrown out. As in disposal.

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Real Estate People -- What Does Preforeclosure Mean?

I see it a lot when I look at real estate listings. There's a house on my block which Zillow keeps identifying as a preforeclosure . for about 6 years. Sometimes it's a pre foreclosure, sometimes it's not.

It means a minority owns it, so you know eventually they won't be able to pay the bill

Real Estate Agent here in LA. Pre-foreclosure means it's still owned by the owner but in the process of foreclosure so they've fallen behind. If you're looking to buy one, you need an agent that is an expert with these types of sales because they can be tricky, take a long time (or a very short time) and you may not even end up getting a deal, which is the reason most people consider foreclosures or short-sales in the first place. You may also need special type of financing or different amounts of money to put down. What you're describing on your block could be something messed up on the title, or a lien or a tax issue because it would be odd for something to be in pre-foreclosure for 6 years. But also Zillow isn't really that accurate. Even the CEO of Zillow sold his house for MUCH less than their stupid "zestimate" said it was worth. If you want to see real listings in real time, you need to access the MLS, and only an agent or broker can help you with that. 🙂