Generally and briefly:
You transfer your ownership of your property to a lender in exchange for a loan of money. If you pay off the loan the lender will release its interest in the property. If you don't pay off the loan and stop making payments the lender can take possession of the property and sell it to a new owner in order to get back its initial investment.
There are many ways that one can find listing of real estate that are subject to foreclosure. Houses that are subject to foreclosure will have notices on them. One can also obtain information on this from real estate sites.
Theodore J. Dallow has written: 'How to buy foreclosed real estate for a fraction of its value' -- subject(s): Foreclosure, House buying, Real estate investment 'How To Buy Foreclosed Real Estate' -- subject(s): House buying, Real estate investment, Foreclosure
K. F. Boackle has written: 'Mississippi real estate foreclosure law' -- subject(s): Foreclosure, Forms 'Real Estate Closing Deskbook'
One may find it possible to find real estate foreclosure listings on the internet. One website that may be used to find such information would be Zillow.
In real estate, there is what they call pre-foreclosure selling of properties - wherein the owner, who is nearing foreclosure - could resell the property to a prospective buyer in cooperation of their lender / bank. This is to save the credit of the owner and avoid foreclosure that may damage their credit record.
REO is an abbreviation for Real Estate Owned and refers to property which is in the possession of a lender as a result of foreclosure or forfeiture.
You will not lose your general contractor license or your real estate license if you have foreclosure on your credit report. A foreclosure or bad credit is not a disqualification for these types of licenses.
There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate
It may be enforced through a lawsuit if the foreclosed property is not sufficient to pay the actual debt.
REO is only used when a bank takes possession of a property via a foreclosure judicial or non-judicial.
Kirby Cochran has written: 'Foreclosure investing in the new economy' -- subject(s): Real estate investment, Foreclosure
Just like other real estate auctions, it is also a normal auction. When the borrower didn't pay a bank loan then the bank sends a notice to him to pay EMI's within 60 days, but if he didn't pay then the bank seizes his property. banknilami also runs auctions daily on their portal for properties in India.