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Key takeaways. Homes become bank-owned properties after homeowners default on their mortgages and the bank forecloses. If no one opts to buy a foreclosure home at auction, the bank or mortgage ...
The site has over 1 million "distressed" properties in its database at any time. In 2008 they had 150 data collectors, who collected data directly from notices posted on courthouse noticeboards or from county recorder offices. [7] [8] The site charges a monthly fee for access to their listings
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".
REO sale property in San Diego, California. 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]
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The judge in the foreclosure action recused himself after speaking with Ohio Supreme Court; he had found that he held stock in one of the creditors, Fifth Third Bank. Judge Steven Martin was replaced by Judge Beth Myers. [26] The case, which has become one of the largest cases in Hamilton County Court of Common Pleas, got even more complicated.