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2715 TREVOR DR LUMBERTON, NC 28358 Estimated Resale Value *: $124,000* The Estimated Resale Value (ERV) of the property is based on an automated value obtained from a third party, assuming the property
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How to fill out foreclosure and bank owned

How to fill out foreclosure and bank owned
01
Research the property and its history to understand the foreclosure and bank owned status.
02
Contact the bank or financial institution that owns the property to inquire about purchasing options.
03
Obtain all necessary paperwork and documents from the bank or financial institution.
04
Review and fill out the paperwork accurately and completely, following all instructions provided.
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Submit the completed paperwork to the bank or financial institution for review and processing.
06
Attend any required meetings or appointments with the bank or financial institution to finalize the purchase.
Who needs foreclosure and bank owned?
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Potential homebuyers looking for discounted properties.
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Investors interested in purchasing properties for rental or resale purposes.
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Financial institutions and banks looking to sell off repossessed properties.
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What is foreclosure and bank owned?
Foreclosure is the legal process by which a lender takes possession of a property after the borrower fails to make mortgage payments. Bank owned (also known as REO, or real estate owned) refers to properties that have reverted to the lender or bank after the foreclosure process.
Who is required to file foreclosure and bank owned?
Lenders, such as banks or mortgage companies, are required to file foreclosure proceedings when a borrower defaults on their mortgage. After the foreclosure process is complete, the bank must then report the property as bank owned.
How to fill out foreclosure and bank owned?
To fill out foreclosure documents, lenders typically need to provide information about the borrower, the property, the terms of the loan, and details of the default. The process involves legal paperwork which may require assistance from an attorney or a real estate professional.
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 at auction. When a property becomes bank owned, it provides the bank with an asset that can be sold to recoup losses from the unpaid mortgage.
What information must be reported on foreclosure and bank owned?
Information that must be reported includes details about the borrower, property address, loan amount, the date of foreclosure, and the current status of the property as bank owned or REO.
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