| When looking into finding the best foreclosure home | | | | But don’t get us wrong the only way a lender can |
| listing, you will need to understand exactly what the | | | | take a home owner’s property is if the loan was |
| difference is between a foreclosure and a pre | | | | based on a mortgage and the home owner was |
| foreclosure. But to make this fully understandable to | | | | already informed that if they did not abide by the |
| everyone we would like to fully explain what a | | | | agreement that their home would be possessed. |
| foreclosure is. | | | | A foreclosure home listing is any general foreclosed on |
| Hector Milla Editor of the "Free Home Foreclosure | | | | home which is still on the market for potential buyers. |
| Listings" website -- -- pointed out; | | | | While a pre foreclosure listing is lists of homes which |
| “… A foreclosure is a home which has been taken | | | | have only just been filed by the lender as being |
| from its owner by a bank or lender. There really is not | | | | possessed from the owner and the owner has |
| much of a stand difference between a bank and a | | | | recently been issued a notification of pending |
| lender, because they are both providing the said home | | | | possession of said property. But once the home goes |
| owner with a loan of money to assist this said person. | | | | into full process and is about to be held in auction or to |
| But a bank is an actual facility that works with many | | | | be sold, the home is no longer considered a pre |
| different forms of managing and assisting people with | | | | foreclosed home and typically removed off of the list. |
| their money. While a privately ran lender company, is | | | | “… A normal foreclosure site gives potential |
| usually specifically only a lender …” | | | | buyers and investors all homes in current foreclosure, |
| To have had the home foreclosed on the home | | | | while a pre foreclosure only provides homes early in |
| owner would have had to break the contract between | | | | the process to give buyers and investors a chance at |
| them and the lender on a drastic level as to where the | | | | being one of the first groups or individuals to contact |
| lender feels the only option left is to take possession | | | | the lender, or homeowner on purchase of the home |
| of the home owner’s property to pay off the debt. | | | | …” H.Milla added. |