| What is a Foreclosure?
When a property is unable to make loan payments (defaults
on the loan) the mortgage holder begins a logal process
to take the colateral (the property). The foreclosure
process varies from state to state so you should check
with an attorney familiar with local laws. Basically there
are 2 types of foreclosure, judicial and non-judicial.
In mortgage states, Judicial foreclosure are used in mortgage
states and non-judicial foreclosure is used deed of trust
states. Sometimes both procedures are used. Check with
your attorney to see what is used. |
| What is a REO? REO stands for Real
Estate Owned. An REO is a property owned most likely by
a bank that has become an asset on their books most likey
because they had to foreclose on the property.. Banks
are not in the business of owning property. Therefore
they are looking to dispose of these properties |
| Where Do You Find Out About Local Foreclosures
and REOs? Foreclosures are public information
and the foreclosure sales are published in a newspapaper
(Usually a legal newspaper) . REOs (bank owned property)
are often made avaliable through real estate agents who
represent the banks. You can also contact the banks directly
for this information. Other sources of foreclosures. HUD
and VA. |
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