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Distressed Properties

Distressed properties are homes that are in danger of facing foreclosures proceedings, or that have already been scheduled for sale as a result of default on the part of the homeowner. A property is said to be distressed when a homeowner gets behind on mortgage payments or a tax payment and the lender or appropriate debt collector begins to start the necessary proceedings to sell the home in order to collect the outstanding debt. The process by which these properties are sold varies from state to state depending on local law, and therefore the period a home may fall under this category can last anywhere from a few weeks to a year.