You will have larger negotiating power when you make provides on homes which were in the marketplace for greater than 30 days. Since it did not obtain its minimal bid from an investor or homebuyer through the foreclosures sale at the courthouse, there’s a first rate chance that the financial institution might value that REO house for a significant low cost to get rid of it. First, if two loans had been secured to the property , the second lender generally doesn’t foreclose. If the second lender does not make up the back funds to the primary lender and commences its foreclosure proceedings, the second lender gets worn out in the foreclosure. Foreclosures and REO properties are houses that banks have taken again from debtors who may now not pay their mortgages.
Borrowers don’t necessarily have to be in default of the mortgage payments for a lender to … Read More