Archive for the ‘bank-owned properties’ Category

Homeowners In Default Ought To Know The Foreclosure Timeline

Wednesday, February 15th, 2012

Foreclosure is a frightening situation for any house owner. Many alternative things occur in the foreclosure cycle and the banks actions are different dependent on the bank. There are a few things however that remain consistent when a property owner is going into foreclosure.

First, servicer will try to reach out to a house owner at the start of delinquency. It’s good practice for a bank, mortgage company or mortgage servicer to attempt to resolve any delinquency directly with the borrower before foreclosure. This is for lots of reasons specifically that it is less costly for the bank to work out loan issues with a borrower than to foreclose on the property. Federal guidelines also dictate particular responsibilities of banks including a “Hello Letter”. Banks have adapted to homeowners in foreclosure and hard-line collection efforts are now not the standard. A house owner going into foreclosure should talk with their lender to ascertain available options.

When a servicer has exhausted the possibilities to work with a owner to cure a delinquency, they can often begin the process of foreclosure. The servicer must follow state and local laws as they pertain to foreclosure. Each state has their own rules as it is related to how foreclosure can be filed, the timeline in which the process must take place and other rules like a mandatory redemption period. It’s a best practice for a homeowner who knows that foreclosure is eminent to educate themselves on the local and state rules as they apply to foreclosure. It is better for a borrower or former homeowner to grasp the laws and timelines then to be in the dark about the laws.

When the foreclosure is completed and the bank owns the property, the former owner must leave the property unless accommodations are made with the bank. Some lenders offer a relocation help program frequently referred to as “Cash for Keys”. These programs make allowances for a payment to the home-owner in return for possession being turned over to the bank in good condition. Banks will most likely retain a local real-estate agent or attorney to help them in regaining possession of the repossessed house. Once the property is vacated, it becomes REO. is an abbreviation for Real-estate Owned, commonly called bank owned properties that are bought by investors and homeowners.

When a homeowner is in foreclosure or if their earnings levels will no longer permit them to maintain their loan, it’s a smart idea to reach out directly to the bank and understand what options are available. Lenders must protect their investment in the in the dollars lent on thehome and will follow rules that are both internal and government mandated to do so. Understanding the method and speaking with the servicer will make the process of foreclosure more amenable to a borrower that may unavoidably lose their home to the foreclosure process.

Tom Webb is a local REO agent and works with property owners in default. More information can be found about and at

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Oregon Short Sale Myth Number 7 – Consumers At The Moment Are Unwilling To Buy Short Sales

Monday, December 5th, 2011

Hello, I am John Sellers right here with We’re Southern Oregon’s premiere real estate team. We have figured out how you can make short sales easy and simple for you to get them closed. We will focus on short sale myth number 7 – Consumers right now that are searching for houses are unwilling to purchase short sales. This isn’t true. It was that certain folks would not look at a short sale. Part of that was because there was plenty of different inventory available. If you will get a house at a superb house and know that it is going to close rapidly, many consumers would slightly do that. Let me inform you what’s happening available in the market today.

Initially inventory is shrinking once more over what it was in 2008. We’re additionally seeing that there are also much less bank owned properties for consumers to make offers on. In the event you’re taking a look at a house beneath $200,000, much of the stock at present are short sales so patrons haven’t got a alternative if they want a house, they’re really going to need to look at short sales. We’re discovering they’re willing to look and we’re marketing that property in a way that the brokers really feel comfortable writing offers on our properties as a result of they know that we all know tips on how to close those deals and that we will get them achieved and so they won’t be embarrassed.

So again, that’s a myth that consumers aren’t focused on short sales. We are able to get them sold, we do each single week. If you would like to find out more about short sales and the way they could work for you whether or not you’re having a hardship, or you’re simply upside down and also you’re fed up and you notice you may repair your credit score a lot faster than you’re ever going to get at that equity back.

Give us a call as we speak 541-773-7355 for a free no-obligation session, or you possibly can click the get help now button and you may fill out some information and schedule a time to speak with us. Thank you, I hope I’ve helped. We’re, Southern Oregon’s premiere short sale group and we look ahead to hearing from you soon.

Get more help from short sale Realtor, John Sellers, at

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