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LowellDeeds

A foreclosed property – also known as Real Estate Owned (REO) – is a home that was once customer-owned but has been turned back to the mortgage holder as the result of a foreclosure action or acceptance of a deed-in-lieu of foreclosure. The title of the property is conveyed absolutely to the creditor, on default in payment, without any sale of the property. Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment, why this is a long-term problem and confirm that you are ready to leave your home to avoid foreclosure. Adjournment requests are accepted up to the date of sale, however, the deadline is 12:00 PM on the sale date.foreclosure

First, rebuilding residential properties is a lengthy process likely to take several years. While in some stages you’ll have the opportunity to inspect a foreclosure property prior to finalizing the purchase, these homes are typically sold as-is; that means no repairs can be requested as a contingency of the sale. Both mortgage possession/repossession and foreclosure are quite similar, with the main differential being the treatment of any funds that exceed the amount borrowed.

The coming decades brought …