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This is commonly the case when the amount owed on the home is higher than the current market value of the foreclosure property, such as with a mortgage loan made at a high loan-to-value during a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".
One alternative to a short sale is moving out and allowing the mortgage lender to foreclose the home. A foreclosure makes it hard to get a mortgage and other types of credit in the future, however ...
The types of foreclosures that can occur depend on your home state and mortgage terms. Some foreclosures involve legal action (judicial foreclosures), and others do not (non-judicial foreclosures ...
In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage. Depending on the type of foreclosure proceeding, the sale may be administered by the courts (judicial foreclosure) or by an appointed trustee (statutory foreclosure). Proceeds from the sale are used ...
Buying foreclosed homes soared in popularity during the Great Recession as a wave of foreclosures hit the market and drove down prices nationwide.
The Government Accountability Office (GAO) defines an abandoned foreclosure as a mortgage that: has entered foreclosure, the servicer decides to not continue pursuing its interest in a mortgage loan (has stopped the foreclosure proceedings), the servicer has charged off the loan (considers it worthless), and; the home is vacant.
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