The Real Estate Encyclopedia
What Does the Bank Do With an REO?
Category - Mortgage Questions - Foreclosure & REO FAQ's

When the borrower fails to make several payments on his mortgage and the property is foreclosed, its title reverts to the lender, the current owner is evicted and the necessary repairs completed  to place it on the market.  The bank lists the property under specific terms, described in extensive disclosures the buyer must carefully read and abide. 

Mortgage Questions - Foreclosure & REO FAQ's
Mortgage Questions - Mortgage Loans FAQ's
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