Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement. Contents [hide] 1 Types of foreclosure 2 Acceleration 3 Process 4 Contesting a Foreclosure 5 Foreclosure auction 6 Further borrower's obligations 7 Countries other than the USA 8 Further reading 9 References 10 See also

bank owned homes - Google News

Google News

02/04/2012 02:16 AM

Vail Valley property values take hit from bank sales - Vail Daily News

Vail Valley property values take hit from bank sales Vail Daily News NWS real estate KA 2-2-12 While this home in Eagle-Vail isn't being sold by a bank, sales of bank-owned property has affected property values on other homes. Sales of bank-owned property accounted for more than 21 percent of all Eagle County real ...

02/03/2012 11:02 PM

Phoenix housing market starting to recover - The Seattle Times

Phoenix housing market starting to recover The Seattle Times Values may increase 9 percent this year in Phoenix, as homes in or near foreclosure are bought up, according to Clear Capital. Bank-owned property, which made up two-thirds of sales at the May 2009 market trough, now accounts for only one-third, ... and more »

02/03/2012 08:18 AM

Kathy Yamamoto: Banks must make disclosures to buyers - The Salinas Californian

Kathy Yamamoto: Banks must make disclosures to buyers The Salinas Californian QUESTION: I'm purchasing a bank owned (REO) property and I am told that the purchase must be in “as is” condition. Do I have any legal basis for expecting that certain conditions of the property must be made known to me? ANSWER: When buying a home, ... and more »

02/02/2012 02:59 AM

Home Is Where the Hurt Is - Santa Barbara Independent

Santa Barbara Independent Home Is Where the Hurt Is Santa Barbara Independent Banks put in the first bid, and if no members of the public want to buy the property, then it gets labeled as REO (for real estate owned by a bank). Many homes of owners who are in default sell for less than is owed on them in what, in the real estate ... and more »

02/02/2012 04:34 PM

Open Houses: Move-In Ready Bank-Owned Home - Patch.com

Open Houses: Move-In Ready Bank-Owned Home Patch.com Courtesy of Lucky Chan, WEM Pacific Investment Inc. Lucky Chan, WEM Pacific Investment Inc. The home at 705 Fifth Avenue is bank-owned, well-maintained and features move-in conditions, including a remodeled kitchen. Upstairs, the home has two bedrooms ...

02/03/2012 02:40 PM

Start with your best offer and consider bumping up the deposit - Sun-Sentinel

Start with your best offer and consider bumping up the deposit Sun-Sentinel By Paul Owers, Sun Sentinel Finding a bank-owned home for sale these days is hard enough. Actually buying one is an even bigger problem. Last year the supply of bargain-basement, foreclosure homes shrank, as banks temporarily stopped trying to ...

02/03/2012 07:23 PM

No silver lining in housing market as Nevada votes - CNN

No silver lining in housing market as Nevada votes CNN Some 70% of the homes in Las Vegas are under water. Many of those homes have already made it through the pipeline, and swinging "For Sale" signs in front of bank-owned homes aren't on every street and corner like they were a few years ago here. and more »

01/26/2012 12:33 AM

Foreclosure Properties Decline to 20% of Home Purchases in US - BusinessWeek

Chicago Tribune Foreclosure Properties Decline to 20% of Home Purchases in US BusinessWeek Bank-owned homes made up 128712 of those sales, and pre-foreclosure transactions, including short sales, accounted for 92824. Pre-foreclosure deals increased 68 percent from a year earlier in Michigan, 44 percent in North Carolina, 43 percent in Ohio ... 1 in 5 Home Sales Distressed, Foreclosed or Bank Owned, Says RealtyTracOurBroker.com Foreclosure-Related Properties Decline to 20% of Home Purchases in U.S.Bloomberg Foreclosure Homes Account for 20 Percent of All US Residential Sales in Q3 ...MarketWatch (press release) Bizjournals.com -Record-Searchlight -NASDAQ all 392 news articles »

01/30/2012 12:10 PM

Major Auction of Georgia, North Carolina and South Carolina Bank-Owned Real ... - MarketWatch (press release)

Major Auction of Georgia, North Carolina and South Carolina Bank-Owned Real ... MarketWatch (press release) ATLANTA, GA, Jan 30, 2012 (MARKETWIRE via COMTEX) -- More than 455 properties owned by five different banks will sell Feb. 15-16 in an auction that will be spread over four events in two days. The properties -- which will include office buildings, ... and more »

02/03/2012 03:04 AM

Councilwoman Sánchez introduces bill on dealing with vacant city properties - Philadelphia Inquirer

Councilwoman Sánchez introduces bill on dealing with vacant city properties Philadelphia Inquirer Currently, city-owned vacant properties are divided among a number of agencies, primarily the Department of Public Property, Philadelphia Redevelopment Authority and the Philadelphia Housing Development Corp. Each has its own policies and rules for ... and more »

foreclosed homes - Google News

Google News

02/04/2012 06:32 AM

Government officials testing plan for foreclosed homes - Lancaster Eagle Gazette

USA TODAY Government officials testing plan for foreclosed homes Lancaster Eagle Gazette With 3716 of these homes, Ohio ranks seventh on the list of states where the Federal Housing Administration or government-sponsored Fannie Mae and Freddie Mac own foreclosed properties. Converting the houses to rental units might raise the hackles of ... Why foreclosure investors are double-edged sword for economyUSA TODAY Foreclosures converted to rentalsFremont News Messenger Fannie Mae tries partnerships with investors to sell foreclosuresSun-Sentinel Barron's -BusinessWeek -89.3 KPCC all 20 news articles »

02/03/2012 08:57 PM

Governor Quinn Announces Plan to Revitalize Vacant, Foreclosed Homes in Six ... - eNews Park Forest

Chicago Tribune Governor Quinn Announces Plan to Revitalize Vacant, Foreclosed Homes in Six ... eNews Park Forest Governor Pat Quinn was joined today by Cook County Board President Toni Preckwinkle and six Cook County mayors to announce a new initiative to return vacant, foreclosed properties to productive use. An initiative laid out in the Governor's State of the ... Vacant homes get shot at new lifeChicago Tribune all 10 news articles »

02/02/2012 01:28 PM

Illinois Gov Quinn Announces Statewide Program to Help Families Facing Foreclosure - LoanSafe

IGNN (press release) Illinois Gov Quinn Announces Statewide Program to Help Families Facing Foreclosure LoanSafe “Helping families stay in their homes is essential in keeping our communities strong and our economic recovery moving forward,” Governor Quinn said. “The Illinois Foreclosure Prevention Network will connect families with the resources they need to keep ... Governor Quinn Announces Plan to Revitalize Vacant, Foreclosed Homes in Six ...IGNN (press release) all 129 news articles »

02/02/2012 03:31 PM

On Foreclosures, Uncle Sam Courts Investors - Wall Street Journal (blog)

Fox News On Foreclosures, Uncle Sam Courts Investors Wall Street Journal (blog) By Alan Zibel On Wednesday, a US housing regulator invited investors to submit initial applications to bid on pools of foreclosed properties owned by Fannie Mae, the government-controlled mortgage finance company, as part of a new pilot program. Fannie Mae issues RFP for investors to buy foreclosed housingThe Real Deal New York (blog) US regulator launches foreclosure sales planReuters Could private equity help save the housing market?Washington Post (blog) UPI.com -Center For American Progress -Mortgage News Daily all 413 news articles »

01/31/2012 03:13 PM

Foreclosures Draw Private Equity as U.S. Selling 200000 Homes: Mortgages - Bloomberg

Bloomberg Foreclosures Draw Private Equity as U.S. Selling 200000 Homes: Mortgages Bloomberg Enlarge image Foreclosures Foreclosures Joe Raedle/Getty Images Renzo Salazar maintains the yard around a foreclosed home after the bank hired him to keep the home from falling into complete dilapidation, on Nov. 10, 2011 in Miami. and more »

02/03/2012 09:13 PM

Suspect sought in IE foreclosure bank scam - abc7.com

abc7.com Suspect sought in IE foreclosure bank scam abc7.com (KABC) -- Two suspects have been arrested for an alleged scam involving fake home rentals. Investigators say the pair broke into foreclosed homes and then claimed they were living there legally. In the "Cash for Keys" Program, banks give people who are ... and more »

02/01/2012 09:47 AM

Feds want to help turn foreclosed properties into rentals - Chicago Tribune

Chicago Tribune Feds want to help turn foreclosed properties into rentals Chicago Tribune The federal government announced on Wednesday the first phase of what could become a major program to help turn foreclosed homes into rental properties in hard-hit cities like Chicago. Dubbed the REO Initiative, the Federal Housing Finance Agency said ... Government Wants to Turn Foreclosed Properties Into RentalsLoanSafe FHFA begins registering investors to turn vacant foreclosures into rentalsAGBeat Obama announces new plan to combat housing crisisMother Nature Network (blog) all 12 news articles »

02/03/2012 10:33 AM

How "Occupy Our Homes" Can Win - Huffington Post (blog)

Press TV How "Occupy Our Homes" Can Win Huffington Post (blog) One of the most popular suggestions is "Occupy Our Homes," a campaign in which occupiers around the country would do actions at foreclosed houses or at bailed-out banks that are throwing people out of their homes. A national day of action on Dec. A homeowner who fought foreclosure and wonKansas City Star If you're about to lose your home …Chicago Tribune Occupy Detroit protesters target Bank of AmericaDetroit Free Press all 23 news articles »

02/01/2012 03:36 PM

Foreclosed Homes Get a Second Chance - KTUL (blog)

kjrh.com Foreclosed Homes Get a Second Chance KTUL (blog) Foreclosed homes are getting a new lease on life. Wells Fargo company is donating several abandoned homes to non profit organizations in Tulsa. Channel 8's Kim Jackson explains. Many of the homes have been boarded up, but now they are the keys to ... 18 foreclosed homes given away by Wells Fargokjrh.com all 170 news articles »

02/02/2012 11:57 AM

Own Vs. Rent Riles Government Housing Policy - CNBC.com

The Consumerist (blog) Own Vs. Rent Riles Government Housing Policy CNBC.com Fannie Mae and Freddie Mac, the mortgage giants under government conservatorship, together owned 182212 foreclosed properties as of the end of September. While they aggressively market and sell these homes to investors and owner-occupants alike, ... Foreclosure solutions offered by the FedsHULIQ Feds Announce Program To Turn Foreclosures Into RentalsThe Consumerist (blog) all 4 news articles »

auction homes - Google News

Google News

02/03/2012 04:03 PM

Concierge Auctions to Sell Premier Residences at Auction Within Exclusive ... - MarketWatch (press release)

Concierge Auctions to Sell Premier Residences at Auction Within Exclusive ... MarketWatch (press release) The auction will be conducted in cooperation with Rivers To Peaks Real Estate ~ Big Sky Real Estate. "The seller developed these idyllic vacation homes ideally situated in the heart of the most luxurious amenities these communities offer," stated ... and more »

02/04/2012 05:27 AM

Fannie Mae's Fire Sale - Barron's

Fannie Mae's Fire Sale Barron's How to buy a cut-rate rental property. Fire sale! The Federal Housing Finance Agency has approved a big residential real-estate auction at Fannie Mae to help the mortgage giant unload its inventory of 122616 foreclosed houses. For the first time, ... and more »

02/04/2012 12:02 AM

Close to paying off home, Jacksonville woman waits for eviction - Florida Times-Union

Close to paying off home, Jacksonville woman waits for eviction Florida Times-Union Cathy Mitchell's home is stripped bare except for a bed. After 27 years under her own roof, the Westside Jacksonville grandmother waits for police to come to evict her. The house was sold in October at a court-ordered auction to meet a judge's order ... and more »

02/03/2012 10:40 PM

Homes, Not Tents, For Occupy Bernal: Feisty San Francisco Neighborhood Fights ... - Huffington Post

Homes, Not Tents, For Occupy Bernal: Feisty San Francisco Neighborhood Fights ... Huffington Post The movement is pressuring banks, especially Wells Fargo, which is headquartered in San Francisco, to declare a moratorium on home evictions and auctions and to instead come up with a fair deal for financially stressed homeowners. and more »

02/03/2012 08:21 AM

Castle a potential fairytale home as agents cross fingers for auction season - Sydney Morning Herald

Castle a potential fairytale home as agents cross fingers for auction season Sydney Morning Herald Agents reported better than expected sales figures last month and good numbers at open homes. Even the vendor at what was the Windsor Castle Hotel, Peter Polovin, sounds confident about selling at the March 6 auction what is at present a heritage ... and more »

02/04/2012 03:42 PM

Eclectic Florida museum's collection to be auctioned - The Seattle Times

Eclectic Florida museum's collection to be auctioned The Seattle Times Two auction houses, RM Auctions and Sotheby's, have divided it up into more than 550 lots, each to be sold to the highest bidder. There is the whimsical: Dozens of vintage toy cars, giant toy soldiers that once stood at FAO Schwarz in New York, ...

02/03/2012 06:12 PM

Rate leap forward - Sydney Morning Herald

Rate leap forward Sydney Morning Herald This weekend marks the start of Sydney's auction season, and the new property year has brought with it a wave of cautious optimism from both buyers and sellers. About 80 auctions are scheduled across the city, compared with 118 for the equivalent ... and more »

02/02/2012 12:42 AM

Heritage Homes goes to auction - The Mountain Press

Heritage Homes goes to auction The Mountain Press by DEREK HODGES SEVIERVILLE — It appears all the efforts to save Heritage Log Homes from the foreclosure auction may have finally and fully failed, with a notice run in Wednesday's Mountain Press of an upcoming sale. The announcement stipulates the ... and more »

02/01/2012 11:21 AM

Developer to auction homes as low as NT$120000 a ping - China Post

Developer to auction homes as low as NT$120000 a ping China Post Huafu will sell the housings in two open auctions, one on Feb. 18 and one on March 3. According to Huafu Chairman Chang Kang-wei, the sales aren't an attempt to get rid of unsold or unwanted houses at cheap prices. “Rather, it is an effort to reach ... and more »

01/30/2012 12:10 PM

Major Auction of Georgia, North Carolina and South Carolina Bank-Owned Real ... - MarketWatch (press release)

Major Auction of Georgia, North Carolina and South Carolina Bank-Owned Real ... MarketWatch (press release) ATLANTA, GA, Jan 30, 2012 (MARKETWIRE via COMTEX) -- More than 455 properties owned by five different banks will sell Feb. 15-16 in an auction that will be spread over four events in two days. The properties -- which will include office buildings, ... and more »