Foreclosed home or REO: a property that has gone through the foreclosure process and is now owned by the lender or bank, also known as a real estate-owned property (REO)

What does it mean when a lender forecloses on a property?

Foreclosure
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.

What is foreclosure collateral sold?

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Do you need to know the terms of a foreclosure?

Get to know the terms associated with foreclosure. NOTE: This content is not, nor is it intended to be, legal advice and should not be relied on in lieu of consultation with an attorney. You should consult an attorney and/or a foreclosure specialist for individual advice regarding your own situation.

How is the title of a property conveyed in a foreclosure?

The title of the property is conveyed absolutely to the creditor, on default in payment, without any sale of the property. West’s Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc.

What is the legal definition of mortgage foreclosure?

Also found in: Dictionary, Thesaurus, Financial, Encyclopedia . A procedure by which the holder of a mortgage—an interest in land providing security for the performance of a duty or the payment of a debt—sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.

Where can I find a foreclosed property for sale?

Scroll down to view our list of bank-foreclosed properties for sale. Find your next home or business office online! With our extensive list of Bank-foreclosed Properties, ranging from residential lots, condos, to commercial and agricultural properties, you can surely find one that fits your budget.