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A home becomes a bank-owned property after the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned or REO homes, REO ...
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
A short sale happens when a home is sold for less than the mortgage balance with the lender’s approval. It’s an option for homeowners facing financial hardship and a property value decline.
The primary reason for bank walkaways is that a bank expects to lose money by foreclosing – when proceeds from a foreclosure sale are expected to be insufficient to cover the cost of the foreclosure itself, together with securing, maintaining, and marketing the home for sale. Thus, if the bank were to foreclose (taking ownership) and then ...
A short sale happens when the lender allows you to sell the house for less than the outstanding loan amount, takes the proceeds and forgives any remaining debt. A short sale could help you salvage ...
Heard that you can score a great deal when you buy a foreclosure home for real estate investments? Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures ...
It's hard to imagine a pleasant foreclosure. Like root canals or appendicitis, they don't really come with a silver lining; after all, it's hard to find a way to put a smiley face on being turned ...