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The North American Industry Classification System or NAICS (/ n eɪ k s /) [1] is a classification of business establishments by type of economic activity (the process of production). It is used by governments and business in Canada , Mexico , and the United States of America .
Adding up notices of default, repossession by banks and auctions on the calendar, the U.S. Foreclosure Market Report found 35,196 American properties with foreclosure filings. I’m a Real Estate ...
NAICS replaced the four-digit SIC code with a six-digit code, and it provided more flexibility in handling emerging industries (for example, the NAICS system more generally allows for "Other..." categories across industry groups). The new codes were implemented in Canada and the United States in 1997 and in Mexico one year later.
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]
Judicial foreclosure: With a judicial foreclosure, the lender files a lawsuit and the borrower is notified of the non-payment. The homeowner has 30 days to make up the missed payments, otherwise ...
Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property. In real estate , foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.
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 ...
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