Rosalind Nichol (Ferreira)   661-645-3495 ros@aheart4homes.com

Distressed Sales

Here you will find a few quick links that will take you specifically to search result pages filtered as per link. You can also filter and create your distressed sales search using the property search bar – click here >> Property Search.​

What is a foreclosed listing?

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).

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.”

How to buy bank owned foreclosures

What is a pre-foreclosure?

Pre-foreclosure is essentially a period in which a homeowner who is unable to deliver on his or her mortgage payments can either find a way to make up the missing payments or work with their lender to sell the home.

A property becomes subject to pre-foreclosure after the property owner falls behind on a number of mortgage payments and therefore defaults on the loan that is financing the property. Once the loan falls into default, the lender will either file a ‘lis pendens’ or a notice of default against the owner of the property.

In the period of pre-foreclosure, the property owner can halt the foreclosure by catching up on his or her mortgage payments or a deed in lieu of foreclosure, which gives ownership of the property back to the lender. Property owners can, if their lender is amenable, make a short sale in which a third party buys the home from the lender for less than the agreed upon mortgage.

What does REO stand for and mean?

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  a government loan insurer, after an unsuccessful sale at a foreclosure auction.

 

For more information about Distressed Sales  – Contact Me


Name *
Email *
Phone
Comments