What does barred by foreclosure mean?
When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process.
The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax foreclosure.
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Related Questions
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
Should a foreclosure appear on your credit report when the mortgage company initiates the process or after the foreclosure sale?
If a foreclosure account is transferred to a new company can they report the foreclosure date as newer than it actually is?
If you were in foreclosure but sold the property before the bank took over and should your credit report state foreclosure on it if the loan was paid off in escrow?
If you made the payment but the bank says you didn't on the foreclosure statement but is the foreclosure valid?