When an owner can't make mortgage payments several months or years in a row, the property is at risk of foreclosure. Therefore, the bank or lender tries to sell the property as quickly as possible. What's the term for this type of home?

A distressed property is the term applied to a home that is on its way to foreclosure. The bank or lender wants to try to sell it to see if any money can be recouped as the owner has missed payments for an extended period of time.

Asked by Jason Forbes · Last updated 5 years ago · 5.2K views · SOURCE