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Before becoming bank-owned, the property was likely available to buy as a foreclosure sale, but didn’t sell during that process. So, ownership officially transferred to the bank — the final ...
The consent order addressed SunTrust's alleged misconduct regarding its mortgage servicing and foreclosure practices. SunTrust was also required to create a 40 million dollar fund for the approximately 45,000 SunTrust borrowers who were foreclosed upon between January 1, 2008, and December 31, 2013.
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]
SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. [2] The bank's most direct corporate parent was established in 1891 in Atlanta , where it was headquartered.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
In 2005, the bank acquired Main Street Banks of metro Atlanta for $622 million. [48] In 2006, the bank acquired Coastal Federal Bank, based in Myrtle Beach. [49] In late 2008, the bank accepted $3.1 billion in bailout money through the sale of preferred shares to the U.S. Treasury's Troubled Asset Relief Program.
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