The Hidden Side of Distressed or Foreclosed Homes
A distressed property is what is known as a "foreclosed" property. In this case the term "distressed" does not carry its regular meaning of "great pain or sorrow", "misfortune", "difficult situation". When we talk about a "distressed" property, the bank is using a specific legal definition. According to The World Book Dictionary, the word “distress” on its legal definition means “the legal seizure of the goods of another as payment for debt”. A distressed property, also known as a foreclosed property, is a home that has been or is about to be seized by a bank because the homeowner defaulted...
