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4 result(s) displayed (1 - 4):

July 30, 2010

Foreclosure Process

The foreclosure process will vary depending on the state of residence and servicing mortgage lender. However, the process begins when banks send borrowers a breach of contract or payment collection notice. This is referred to as the preforeclosure phase. If mortgagors can cure mortgage arrears and make future mortgage payments, the process could end at this stage.

The foreclosure process continues when borrowers ignore collection letters or are unable to enter into foreclosure prevention strategies offered by the bank. Once borrowers receive a notice of default it is in their best interest to immediately contact their lender. Ignoring the situation only escalates the process.

Real Estate Investing article on "Foreclosure Process"

July 27, 2010

REO Properties

REO properties refer to real estate which is owned by the bank. Often referenced as real estate owned, bank owned, and bank foreclosures, these properties were once foreclosure homes that did not sell through public auction.

REO properties have become a preferred choice amongst real estate investors. Although real estate owned homes generally have a higher price tag than houses sold through foreclosure auctions, they are sold with a clean title. The bank removes any tax or creditor liens which may have been attached and evicts foreclosed homeowners if they refuse to vacate the premises.

Real Estate Investing article on "REO Properties"

April 22, 2010

Bank of America Real Estate Buying Bank Owned

Bank of America Real Estate buying bank owned offers home buyers and real estate investors the opportunity to buy houses at reduced prices. While many people are concerned about buying distressed properties, bank owned real estate is relatively risk-free compared to bidding on properties through foreclosure auctions.

The Bank of America Real estate buying bank owned foreclosure list is comprised of both residential and commercial properties, as well as vacant land. Residential foreclosure homes include single family residences, condominiums, townhomes, mobile homes and multi-family dwellings.

Real Estate Investing article on "Bank of America Real Estate Buying Bank Owned"

May 07, 2008

Pre Foreclosure

Pre foreclosure is the process instituted by mortgage lenders when borrowers default on their house payments. Most lenders take pre foreclosure action when the borrower fails to remit their mortgage payment for two or more consecutive months. Occasionally, lenders will wait three months before filing pre foreclosure notice; however, this is rare.

The pre foreclosure stage gives borrowers an opportunity to work with their lending institution to rectify the situation and avoid foreclosure. If the borrower is able to get their mortgage payments current the lender will generally reinstate the loan and no further action will be taken.

Real Estate Investing article on "Pre Foreclosure"