What is the difference between a foreclosure and a repossession?

Richard A. Canaday has written: 'Oregon foreclosure and repossession' -- subject(s): Repossession, Foreclosure

David W. Hercher has written: 'Foreclosure and repossession in Oregon' -- subject(s): Repossession, Foreclosure

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.

Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.

One is done by the IRS, and the other is done by your bank.

A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.

Yes, there is no difference. A repossession is a repossession.

Relief allows the creditor to continue collection actions/foreclosure/repossession.

A hostile debtor's agreement is an agreement between two parties that allows for a repossession to take place. This could be the repossession of an automobile or it could also be a foreclosure. Either way, the parties involved have to go to court to solve issues.

No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments. No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments. No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments. No. Repossession is the procedure used by a creditor to take back property through a judicial processes, foreclosure, or self-help when a debtor fails to make required payments.

NOTICE OF DROPPING PARTY DEFENDANT

Some states allow deficiency judgments after the short sale. Some states allow deficiency judgments after repossession or foreclosure. Each state has its own rules.

the lender can seek a deficiency judgment against the homeowner in court

The only way to save a house from foreclosure is to keep current on the mortgage payments. Check in your area for newly created consumer foreclosure counseling services if you think you have been the victim of a predatory lender.

Pre-foreclosures occur when homeowners are in arrears on their mortgage payments. The pre-foreclosure period is, in effect, a grace period warning a homeowner that foreclosure is the next step if the mortgage is not caught up. Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.

There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.

The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale. If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary. The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale. If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary. The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale. If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary. The foreclosure process culminates with the foreclosure sale. In some jurisdictions the sale is conducted by a sheriff. One can say the foreclosure has been done when the sheriff's sale has been conducted. There is no time frame between the foreclosure and the sheriff's sale. If you want to know the time frame between the initial notice to foreclose and the foreclosure sale, you need to check in your particular jurisdiction. Times vary.

Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.

Neither are good. Call the lender and work something out. a repo is a repo by any standard ,they will sell the unit and go after you for the deficiency no matter what.it will be on your credit as a repo. You will not have to pay the towing and fees associated with the repo. That is the only difference.

About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.

Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.

A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. All HUD homes are foreclosures but not all foreclosures are HUD.

Repossession Agencies are independent and corporate tow companies who may work directly with and for Lending Institutions while the Repossession Forwarding Companies are organizations that accept repossession work on a national level and then forward that work out to these Repossession Agencies. The benefit forwarding companies bring to financial institutions is access to a larger base of Repossession Agencies rather than dealing directly with each one across multiple jurisdictions. Repossession Forwarding Companies traditionally have lower rates of recovery due to the economy of scale they offer. Repossession Agencies may still have a competitive advantage locally as they will be more familiar with their territories in the similar fashion a small business will usually have the "home base" advantage over larger corporations.

The difference between vacate and satisfaction of a lien is the way in which it was surrendered. During a vacate of a lien, the creditor is releasing the lien on a loan, usually because of a full repayment. The satisfaction of a lien would be like a repossession for non payment to a creditor.