Bank Owned And Pre-Foreclosure

What is Pre-Foreclosure?

To understand what pre-foreclosure means, consumers need to understand what foreclosure is. Simply put, foreclosure is the termination of all rights of a mortgagor or the grantee in the property covered (secured) by the mortgage. Pre-foreclosure are steps consumers can take to prevent foreclosure from happening, therefore salvaging ones credit standing. There are many potential options for consumers provided they don’t wait and assume either things will get better, or that they have no choice but allowing foreclosure to occur. 

Here are a few possible options:

Sell your property before you get in arrears
Refinance or Equity Loan
Discuss with your lender a repayment plan
Mortgage forbearance agreement
Short-sale
Deed in-lieu of foreclosure
Bankruptcy

Email me to discuss in detail any of these, or other options you may qualify for.

What is bank-owned (REO)?

Bank owned properties, otherwise know as REO (Real Estate Owned) properties are properties owned by a lender after an unsuccessful foreclosure sale, or some other act causing the lender to take over all rights to a property (i.e. Deed In-Lieu of Foreclosure). Banks are not in the business of owning homes which makes this a great opportunity for potential buyers to secure a property below market value.

Email me to discuss in detail any of these, or other options you may qualify for.