methuen massachusetts: Methuen MA Foreclosures and Bank Owned Homes for Sale - 09/12/10 11:39 AM
Methuen MA Foreclosures, Short Sales and Bank Owned Homes for Sale
Purchasing a home at a Methuen MA foreclosure auction has many risks to a potential buyer and in most cases the bank will bid and take possession of the property at auction. The property is then referred to as bank owned, REO (real estate owned) or foreclosed property.
A home owner may attempt a "short sale" whereby the bank agrees to accept less than the mortgage balance based on the owner's hardship and financial status. Obtaining approval can be a long and difficult process. Additionally, there is no assurance … (2 comments)