Rehoboth Beach REO (Real Estate Owned by a lender) houses have been a substantial part of the real estate conversation for some time. Whether or not we ever need to delve into an REO transaction ourselves, well-informed local homeowners are familiar with some of the basic terms that come up when REOs are discussed:
- Arrears: a home that is delinquent on payments – being there is red flags a possible future foreclosure.
- Decree (short for decree of foreclosure): the ruling that declares a property should be sold to pay its mortgage.
- Default property: a home behind in payments to a mortgager. May describe a property in (or close to going into) actual foreclosure proceedings.
- Power of Sale: a legal decree giving the mortgager or lien holder the right to advertise a home sale in order to bring the mortgage up to date.
- Quit claim deed: a declaration turning all rights to a property back to the lending bank or mortgager.
There is a welter of information (trustworthy and not really) online about what should happen in a Rehoboth Beach REO or foreclosure situation. Sometimes a short sale can be the most desirable solution, but before that can happen, decisions by both homeowner and lender have to be made. I always advise homeowners to seek legal and financial counsel before committing to either direction. If you should fall behind in your own mortgage payments, a good understanding of your options is the first step toward bending the situation in a positive direction.
I am available to meet privately to discuss sales pricing in Coastal Sussex and surrounding areas -- and where a sale is feasible, I’m here to help you make it happen!
#shareaholic# Posted by Bill Mann on
1 Response to Breaking the Bankers’ Code: REO Terms
I must show some thanks to this wrtier just for rescuing me from this scenario. As a result of exploring throughout the the net and obtaining techniques which are not beneficial, I figured my entire life was over. Being alive without the presence of strategies to the issues you've solved as a result of the write-up is a crucial case, and ones which could have in a negative way damaged my entire career if I hadn't encountered your blog. Your own know-how and kindness in controlling all the details was useful. I don't know what I would have done if I had not discovered such a subject like this. I am able to now relish my future. Thank you very much for the reliable and results-oriented guide. I will not hesitate to recommend your blog post to anyone who should receive guidance about this subject matter.
Posted by Robert on Tuesday, December 18th, 2012 at 7:00amLeave A Comment