The foreclosure process is a bank or other secured creditor (lender) selling or repossessing a parcel of property after the owner has failed to comply with the mortgage or deed of trust. Commonly, the violation of the mortgage is a "default" in payment of the promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal
REO / Bank Owned Property
REO or Real Estate Owned, is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. As soon as the bank repossess the property, it is listed on their books as REO - Real Estate Owned - and is categorized as an asset (non-performing).
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower.
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