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Notice of Default - Is normally filed, by the lender, once a homeowner misses 3 consecutive mortgage payments. If the homeowner is not able to make a payment the lender will then schedule the sale of the property. Lenders, however, do not want to foreclose on property owners; most lenders are willing to look at some kind of a workout, which will allow the owner to keep their home.
Notice of Sale - Property in default is then scheduled for sale. Sales take place in County Courthouse Offices.
Short Sale - When the homeowner owes more on their loan then the property is worth, this may qualify the homeowner for a short sale, provided they can prove financial hardship to the lender. We can help homeowners, negotiate with lenders, to approve a short sale. Email me at colleen@colleenmckean.com
for more info. There is a short sale link, that explains the entire process, at the bottom of this page.
Deed in Lieu of Foreclosure - An instrument where the borrower deeds back the house to the lender to satify a loan that is in default in order to avoid formal foreclosure proceedings. Click on the link below for more info.
Real Estate Auctions - When properties do not sell through normal marketing and sales techniques, lenders and developers may choose to auction the properties. Many of these properties can then be bought at a price substantially below current market value. Auctions are an ideal way for buyers and investors to get the best deals currently available in local real estate. We have all information on upcoming auctions in your area. Email me at colleen@colleenmckean.com for more info.
Real estate owned, or REO - This is the terminology used for a bank owned property. The property has gone through the entire foreclosure process and is now owned by the bank.
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