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145 NORTHWOOD DR C1 ATLANTA, GA 30342 Estimated Resale Value *: Not Available* The Estimated Resale Value (ERV) of the property is based on an automated value obtained from a third party, assuming
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How to fill out foreclosure and bank owned
How to fill out foreclosure and bank owned
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Start by researching different properties in foreclosure or bank owned
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Contact the real estate agent or bank that is handling the sale of the property
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Individuals looking to purchase a property at a discounted price
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What is foreclosure and bank owned?
Foreclosure is a legal process where a lender takes possession of a property from the borrower due to failure to make mortgage payments, resulting in the property being sold at auction. 'Bank owned' refers to properties that have been repossessed by a bank after the foreclosure process is completed.
Who is required to file foreclosure and bank owned?
Lenders or financial institutions that hold the mortgage on a property are required to file for foreclosure when a borrower defaults on the loan. Once the property is repossessed, the bank must report it as 'bank owned'.
How to fill out foreclosure and bank owned?
To fill out foreclosure and bank owned forms, lenders must provide details of the property, borrower information, loan status, and any relevant documentation indicating the borrower's default and the foreclosure proceedings.
What is the purpose of foreclosure and bank owned?
The purpose of foreclosure is to allow lenders to recover the balance of a defaulted loan by selling the property. 'Bank owned' status helps indicate that the property is now an asset of the bank and is available for sale.
What information must be reported on foreclosure and bank owned?
Information that must be reported includes the property's address, loan details, borrower's name, dates of foreclosure proceedings, auction results, and any financial figures related to the recoverable amounts.
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