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7985 WOODS RD FAILURE, GA 30213 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 the property
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Research the specific foreclosure and bank owned properties available in your area.
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Contact the lender or bank who owns the property and inquire about the process for purchasing.
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Attend any foreclosure auctions or sales that may be happening for the properties you are interested in.
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Foreclosure is a legal process where a lender takes possession of a property when the borrower fails to make mortgage payments. 'Bank owned' refers to properties that have gone through foreclosure and are now owned by the bank.
The lender or financial institution that is initiating the foreclosure process is required to file for foreclosure. They formally initiate the proceedings in the appropriate legal jurisdiction.
To fill out the appropriate forms for a foreclosure and bank owned property, lenders need to gather necessary documentation regarding the mortgage, delinquency, and property details, then submit them to the local court or authority as per state rules.
The purpose of foreclosure is to allow lenders to recover the outstanding balance on a loan by selling the property. A bank-owned property typically represents the bank's acquisition of a property after it goes to auction and remains unsold.
Information that must be reported includes the borrower's details, loan amount, property address, reason for foreclosure, and the status of the filing.
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