Foreclosure

If the foreclosure was initiated but the house was not taken and it has a zero balance it’s considered as a Paid was foreclosure.

This is considered a paid foreclosure when the house is taken and sold by the creditor and no remaining balance.

How should we update a “Deficiency balance” scenario if it’s considered as an unpaid charge off by the creditor?

What type of foreclosure determines that the house was taken but not sold and there is an outstanding balance?

What is a short-sale?

What is a deed in lieu?

How must the rating be updated on a paid was foreclosure?

What does repossession stand for?

How must the rating be updated on an Unpaid Repossession?

What information must always be obtained and added to CMS notes when updating a mortgage that went into foreclosure? Options: Payment amount, PO Box, Property address, Deficiency balance