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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.
What else can I help you with?
How can one find listings of real estate subject to foreclosure?
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.
What has the author Theodore J Dallow written?
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
What has the author K F Boackle written?
K. F. Boackle has written: 'Mississippi real estate foreclosure law' -- subject(s): Foreclosure, Forms 'Real Estate Closing Deskbook'
Where would it be possible to find real estate foreclosure listings?
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.
What does resale mean in real estate?
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.
Can you lose your general contractor license or your real state license if you have foreclosure in your credit?
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.
What does R E O mean in real estate?
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.
What is the best recommended foreclosure website?
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
How does a surety agreement work in a real estate mortgage in case of foreclosure?
It may be enforced through a lawsuit if the foreclosed property is not sufficient to pay the actual debt.
Can real estate that was in a bankruptcy be considered Real Estate Owned?
REO is only used when a bank takes possession of a property via a foreclosure judicial or non-judicial.
What has the author Kirby Cochran written?
Kirby Cochran has written: 'Foreclosure investing in the new economy' -- subject(s): Real estate investment, Foreclosure
How can foreclosure real estate be sought?
Foreclosure real estate can be sought through various methods. Start by researching foreclosure listings online or contacting local banks and lending institutions. Hire a real estate agent specializing in foreclosures for expert guidance. Attend foreclosure auctions or explore government foreclosure programs. Carefully evaluate properties, considering their condition, market value, and potential profitability. Secure financing or arrange cash reserves for purchasing. Conduct thorough inspections and due diligence before finalizing any deals. Seek legal advice if needed. Be prepared for competition and act swiftly to seize valuable foreclosure opportunities.
