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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 lender or servicer ...
Bank of America filed a foreclosure lawsuit in the Hamilton County Common Pleas Court against Bear Creek Capital and the developers of Kenwood Towne Place in May 2009. Bank of America was seeking repayment of $81.3 million in loans and a sheriff's sale of the location. [15]
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 ...
In June 2010, after a second failed sale of the building, Fifth Third Bank foreclosed on the property and all tenants vacated the building. [6] An affiliate of Columbus real estate firm E.V. Bishoff Co. acquired the building on February 8, 2013 for $535,000, ending more than five years of legal limbo for the vacant tower. [7]
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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