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Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
South Rockwood was founded in 1863 by John Strong, who named the community after Rockwood, Ontario. The nearby community of Rockwood was located just to the north and had been settled a few years earlier. Strong established the South Rockwood post office on July 5, 1877. South Rockwood incorporated as a village in 1955. [6]
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
The area eventually fell into hands of the British and finally came under American rule in the 18th century. The original 43-square-mile (110 km 2) area of land south of Detroit was designated a township by the Michigan Territorial Council on April 5, 1827, when Moses Roberts was elected its first supervisor. This made Brownstown one of Wayne ...
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1,284.69/sq mi (496.08/km 2) ... Rockwood is a city in southeastern Wayne County in the U.S. state of Michigan. The population was 3,289 at the 2010 census. [4]