bank owned property: How To Purchase a Foreclosure or REO Property
- 01/04/10 03:06 AM
Finding the right foreclosed property listings is important when shopping for a bank owned home. Knowing where to find them is equally important. Many foreclosed properties can be found online by doing a quick basic search. When the client cannot afford to pay the mortgage any longer the mortgage goes into default. Usually the bank will work with the client and try and make a payment plan, however once the payments fall behind even 2-3 months the snowball effect occurs: the payments compound making it impossible to pay. This is when foreclosure proceedings take effect and the bank eventually regains ownership … (2 comments)
bank owned property: Purchasing a Short Sale or Foreclosure Property
- 12/17/09 06:47 AM
So you are wondering what is the difference between purchasing a foreclosure, short sale, or bank owned property is in the DC Metro area? These days the terms seem interchangable so in part one of this series I will define the actual terms. So here’s a brief breakdown that should simplify some of the language. Short Sale – In this case, the homeowner has usually stopped paying the mortgage. In addition, the home is worth less than what they owe the lender. If they’re able to (1) find a buyer and (2) get the lender’s blessing on the deal, the … (2 comments)
Finding the right foreclosed property listings is important when shopping for a bank owned home. Knowing where to find them is equally important. Many foreclosed properties can be found online by doing a quick basic search. When the client cannot afford to pay the mortgage any longer the mortgage goes into default. Usually the bank will work with the client and try and make a payment plan, however once the payments fall behind even 2-3 months the snowball effect occurs: the payments compound making it impossible to pay. This is when foreclosure proceedings take effect and the bank eventually regains ownership … (2 comments)
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