North Attleboro Foreclosures by Michael Mahoney of Keller Williams
What is a foreclosure?
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 thecollateral 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).
What is a Foreclosure Auction?
When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property the noteholder may set the starting price as the remaining balance on the mortgage loan. However, there are a number of issues that affect how pricing for properties is considered, including bankruptcy rulings. In a weak market the foreclosing party may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan. Time from notice of foreclosures to actual property sales is dependent on many factors, such as the method of foreclosure (judicial or non-judicial).
In the case where the remaining mortgage balance is higher than the actual home value, the foreclosing party is unlikely to attract auction bids at this price level. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage.That inventory is called REO (real estate owned). In these situations the owner/servicer tries to sell it through standard real estate channels. This REO inventory then ends up on the market. As a longstanding real estate agent in the area, we have access to the agents who are responsible for selling these properties on behalf of the banks.
Find your dream foreclosure in North Attleboro using the tools above. Narrow your search by price, square feet, beds, and baths to find foreclosures that fit your criteria. Our top-rated Real Estate Agents in North Attleboro are local experts and are ready to answer your questions about properties, neighborhoods, schools, and newest for sale listings in North Attleboro. Our North Attleboro real estate stats and trends will give you more information about home buying and selling trends in North Attleboro. If you're looking to sell your home in the North Attleboro area our listing agents can help you get the best price. Redfin is redefining real estate and the foreclosure buying process in North Attleboro with industry-leading technology, full-service agents, and a better value.
If you have been looking for a Foreclosure Auction or Bank Owned Deal in North Attleboro, you will want to check out our site to gain access to probate deals in North Attleboro, divorce settlement properties in North Attleboro, REO and Bank Owned Properties in North Attleboro and North Attleboro Distressed Sales
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Before You Attempt to Purchase a North Attleboro Foreclosure: Get Your Financing in Order
Call Bristol County Mortgage Loan Officer Don Carey of Guaranteed Rate
Thinking about purchasing a foreclosure property here in North Attleboro, Massachusetts, You need to have your cash/purchase plan in place. Please reach out to local resident and awesome loan origintator with Guaranteed Rate. Don's information is below:
Don Carey
Senior Loan Officer
don.carey@guaranteedrate.com
www.guaranteedrate.com/doncarey
o: 508.528.7125 - f: 773.328.1827
307 Waverley Oaks Road Ste 409, Waltham, MA 02452
NMLS ID: 20659
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This post was written by Michael Mahoney of Keller Williams Realty
He covers all of Bristol, Norfolk and the Southwest areas of Suffolk County. If you would like to search for a home with Michael you can check out www.HomesinBostonMass.com
Would you be interested in knowing the value of your property? Check out www.HomeValueBoston.com
Reach Michael Mahoney at 617-615-9435 or 617-980-9025. You can also reach him via email @mike@mmahoney.com
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