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2. Bank-owned properties: What are they and where can I ... - AOL

   www.aol.com/finance/bank-owned-properties-where...

   Key takeaways. Homes become bank-owned properties after homeowners default on their mortgages and the bank forecloses. If no one opts to buy a foreclosure home at auction, the bank or mortgage ...

3. Real estate owned - Wikipedia

   en.wikipedia.org/wiki/Real_estate_owned

   REO sale property in San Diego, California. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]

4. Court auction - Wikipedia

   en.wikipedia.org/wiki/Court_auction

   Court auction is an auction which takes place at a public location designated by the court. If a property owner fails to pay the mortgage, the mortgage holder can foreclose on that property. If the owner is unable to make sufficient payments, the property can be sold at auction. The time and place of the auction is published in official records ...

5. Foreclosure - Wikipedia

   en.wikipedia.org/wiki/Foreclosure

   The highest bidder at the auction becomes the owner of the real property, free and clear of interest of the former owner, but possibly encumbered by liens superior to the foreclosed mortgage (e.g., a senior mortgage, unpaid property taxes, weed/demolition liens).

6. R. Kelly Mansion Bought by Bank in Foreclosure Auction - AOL

   www.aol.com/news/on-r-kelly-home-foreclosure...

   Back in 2011, the bank slapped Kelly with a $2.9 million foreclosure lawsuit claiming the crooner hadn't paid his monthly mortgage payments in more than a year. Kelly reportedly left the home in ...

7. Penny auction (foreclosure) - Wikipedia

   en.wikipedia.org/wiki/Penny_auction_(foreclosure)

   Neighbors would gather in large numbers at the auction and place bids of only a few pennies, while intimidating anyone who attempted to bid competitively. [1] In the end, the bank that owned the farm would get whatever was bid and the neighbors would return the farm and its contents to the farmer. [2]