Search Foreclosed and REO Properties
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien."
Real estate owned or REO is a class of property owned by a lenderâ€”typically a bank, government agency, or government loan insurerâ€”after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asse
If you are in a distressed situation and are considering selling your home, learn what your options are here.
Contact us anytime for more information about local areas!