Bank Of America Foreclosure And Bank Foreclosure Info

foreclosed homesWhen real property accounts become seriously past due, the County may initiate a foreclosure proceeding. The traditional way to buy a foreclosed home is at a real estate auction. Buying a foreclosed home at an auction can be one of the most lucrative and popular ways of acquiring investment properties. It’s important to know that most lenders have prescribed “price caps” for the maximum amounts that they’ll pay for services.

Government agencies typically take ownership of homes after the owners default on mortgage loans insured by the federal government. After each sale a complete list of the foreclosed properties involved in the sale may be downloaded from this website at no charge.

If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. When a foreclosed house in good shape and …

Foreclosure In America

foreclosureMost loans from a bank must be 120 days delinquent before any foreclosure activity starts. The number one reason why we advocate pursuing a short sale vs. a foreclosure, is that a foreclosure (regardless of whether it is a non-judicial or judicial foreclosure), will prevent you from obtaining a mortgage for a minimum of 5 years, in addition to extensive damage to your credit, whereas a SS will have far less damage to your credit in that most borrowers will be able to obtain a mortgage after 2 years of conducting a SS. Also, the deficiency (or tax consequences) in the event of foreclosure, if is collectable, will be significantly higher than in a SS (since properties sell at extremely discounted prices at foreclosure auctions).

Lenders are very reluctant to agree to take a home back through a deed in lieu of foreclosure for a number of reasons: They fear …