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1409 UPPER NASHVILLE RD KANNAPOLIS, NC 28081 Estimated Resale Value *: $287,000* 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
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Research the foreclosure and bank owned properties available in your desired location.
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What is foreclosure and bank owned?
Foreclosure is a legal process by which a lender tries to recover the amount owed on a defaulted loan by taking possession of the mortgaged property. Bank owned (REO - Real Estate Owned) refers to properties that have been foreclosed upon and are now owned by the bank or lender.
Who is required to file foreclosure and bank owned?
Typically, the lender or mortgage servicer initiates the foreclosure process against the borrower who has defaulted on payments. Once a property is foreclosed, the bank or lender files to take ownership.
How to fill out foreclosure and bank owned?
Filling out foreclosure and bank-owned forms involves providing detailed information including the borrower's default status, property details, loan information, and any legal documentation required by the jurisdiction.
What is the purpose of foreclosure and bank owned?
The purpose of foreclosure is to allow creditors to reclaim the value of the loan. The bank-owned status helps in the management and sale of the property to recover losses from the default.
What information must be reported on foreclosure and bank owned?
Required information includes the property address, borrower's details, loan information, date of default, and any relevant legal documents or notices.
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