When the lender is either the successful bidder or there are no bids at all during an auction, the lender becomes the legal property owner. When ownership is transfered to the lender as a result of foreclosure, the property is often referred to as either REO or Lender Owned Property. At this point, lenders typically […]
How does the foreclosure process start? Here is a simple timeline so you can know what to expect. Day 1 The borrower misses the first mortgage payment Day 16-30 A late charge is assessed on payment. The company that processes borrower’s payments (called the mortgage servicing company) attempts to make contact to find […]
If you are contemplating filing for a foreclosure here is an outline of the foreclosure process. Don’t hesitate to contact us if you need any guidance during the process. A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. […]
A Short Sale may assist a homeowner prior to the Foreclosure process. If the proceeds from the sale of a house fall short of the owner’s existing mortgage balance, a lender may agree to accept the proceeds of a short sale in lieu of the total obligation due on the mortgage. By accepting a short […]
The advantage of purchasing a property at a foreclosure auction is that some of the most appealing real estate buying opportunities are available. This is due to the fact that the opening bid is based primarily on the mortgage balance and not on the market value. This is where you can find a home being […]
Bunbury and Associates Real Estate Agent Andy Symanski examines frequently asked questions surrounding foreclosed properties.
Whether you are looking to purchase a foreclosed home or are facing foreclosure, here are five terms you need to know. Foreclosure Foreclosure is the proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner’s failure to comply with an agreement between the lender […]