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First, the owner is behind in mortgage payments but still retains full control of the property. Then, the owner is still on title but has lost control of the property to the Court of Queens Bench of Alberta. Last, the legal title has been transferred by the courts to the banks. The entire foreclosure process in Alberta can take a year or longer.
Instead, the creditor will have to sell the property in a commercially reasonable manner, and will recoup its debt from the proceeds of that sale. This prevents subordinated creditors from having their interest in the value of the property cut off, since any amount recovered in the sale over and above the amount of the foreclosing creditor's ...
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]
ZIllow's new climate risk maps show an East Tennessee city has an extreme air pollution risk. In September 2024, the online real estate site partnered with First Street, a company specializing in ...
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Foreclosure stripping is considered a crime in most states. It goes against the terms of the foreclosure deed signed by the home owner, although some would argue that the home remains with the owner until the date at which it is officially signed over to the bank. [3] [4]
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