deedinlieu: The difference between Bank Owned and Short Sale Listings
- 03/13/08 08:18 AM
Living in the Central Valley of California, and working primarily in Modesto, the majority of the homes that are for sale are either foreclosures or short sales. Every one in real estate understands what a short sale is, but many consumers are confusing bank owned homes with short sales. A bank owned home is one that the bank has taken back from the owner. It has generally gone through the entire foreclosure process or has been given back to the bank through a deed-in-lieu of foreclosure (where the owner gives back the title to stop a foreclosure). The bank usually will have a short … (1 comments)
deedinlieu: Understanding the foreclosure process for consumers
- 03/10/08 04:15 AM
In this time of crisis, where many people are losing their homes there are many terms that people need to understand. They also need to understand all their options, before just turning their home over to the bank. Preforeclosure: This occurs when you get the first letter from the bank stating that you missed a payment. When dealing with a traditional 30 year loan, then you have 90 days before you receive this letter. If you have a subprime loan, then you will receive this letter after 37 days. Notice of Default: This is the letter from the bank stating that you have … (1 comments)
Living in the Central Valley of California, and working primarily in Modesto, the majority of the homes that are for sale are either foreclosures or short sales. Every one in real estate understands what a short sale is, but many consumers are confusing bank owned homes with short sales. 
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