How is foreclosure different from REO?
If you are a regular reader of this Los Angeles real estate blog, you know that I compile monthly foreclosure statistics for Glendale, La Canada, La Crescenta and Pasadena.
According to Encarta, "foreclosure is a noun, defined as: removal of right to redeem mortgage: a legal process by which a mortgagee's right to redeem a mortgage is taken away, usually because of failing to make payments."
When real estate is in the foreclosure process and the owner is unable to bring the loan current, or sell the property it is lost through foreclosure. Unless someone bids for the home at the courthouse steps it reverts back to the investor and is now considered real estate owned (REO pronounced R E O).
Related Posts: Foreclosure Prevention
Top four foreclosure question and answers
The California foreclosure process
It’s a small real estate world
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According to Encarta, "foreclosure is a noun, defined as: removal of right to redeem mortgage: a legal process by which a mortgagee's right to redeem a mortgage is taken away, usually because of failing to make payments."
When real estate is in the foreclosure process and the owner is unable to bring the loan current, or sell the property it is lost through foreclosure. Unless someone bids for the home at the courthouse steps it reverts back to the investor and is now considered real estate owned (REO pronounced R E O).
Related Posts: Foreclosure Prevention
Top four foreclosure question and answers
The California foreclosure process
It’s a small real estate world
Tweet
Posted by Phyllis Harb at 6/9/2011 2:59 AM 
Categories: Foreclosures
Tags: foreclosure versus reo what is the difference
Categories: Foreclosures
Tags: foreclosure versus reo what is the difference
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