Residential Foreclosures
Foreclosure is a process that allows a lender to recover from a defaulted loan by selling or repossession of the property securing the loan. The foreclosure process begins when a borrower defaults on their mortgage payments. The lender files a public notice, called a Notice of Default. The following could happen after the NOD has been filed:
1. In the pre-foreclosure period, the borrower could re-instate the loan by paying off the defaulted amount. Every state has a different grace period to allow this to happen.
2. The property could be sold, and the loan would be paid off. If there is a balance due, this would be up to the creditor to forgive the borrower, or persue them legally. Currently the laws allow loans to be forgiven under certain conditions.
3. If the property is not purchased at the auction, then the lender takes ownership of the property, usually with the intent to re-sell it on the open market. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).
This allows for opportunities to find properties greatly under market value.
Buying a property in pre-foreclosure means approaching the homeowner (the borrower) and offering to buy the property from them. The property owner can walk away with possibly with equity and avoid a foreclosure on their credit.
If the loan has not been reinstated by the end of the pre-foreclosure period, the property is put up for auction usually at the local county courthouse. Buying at an auction can be quite tricky and a good understanding of the aution process should be had, before attempting such.
If the lender takes back ownership of the property at the public auction or through deed-in-lieu of foreclosure which would be during the pre-foreclosure period, the property is then known as bank owned, or REO (Real Estate Owned). The lender will want to re-sell the property to recover the unpaid loan and the potential to get a bargain for these homes, is great.
| The Best Foreclosure Listing Service in the South Bay! REOs – Pre-Foreclosures – Foreclosures |
|
Find the best foreclosures for the following beach cities: Searching and finding free foreclosures, REOs, short sale listings and bank owned properties and real estate in the South Bay is your best way of staying up to date with what is happening in the foreclosure world of the South Bay. Search Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, and El Segundo for these bank owned homes and foreclosures. Find these current South Bay homes for sale, real estate agents, and current home values in Southern California's South Bay. Find real estate listings with our free home search and South Bay MLS access. Look at open houses in Redondo Beach, Hermosa Beach, Manhattan Beach, Torrance and El Segundo as well as Palos Verdes Estates and Rancho Palos Verdes. See all real estate bank owned properties in the South Bay. These listings are the best way to find property. Our free real estate services features all South Bay cities and neighborhoods including Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollywood Riviera, and Palos Verdes. If you would like to receive daily updates with current foreclosures, REOs, short sales and notice of default properties for a certain city? Search Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, Hollywood Riviera, Hawthorne, Hollyglen, and Palos Verdes and many other South Bay cities for these homes with our state of the art home finding software. You will see the same properties as all the real estate agents see. Best of all, you won't be constantly called and will be able to take your time to view these south bay properties. If you have questions, we are always here to help you. We will keep you in mind for all the best deals in the south bay, in Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo, even if they aren't distressed.
|
