What happens after a bank buys a foreclosure?

Answer Typically, after a foreclosure the bank that owned the property will retain it as a REO (Real Estate Owned) property and attempt to resell it. Depending on the bank, it may keep it and assign it to... Read More »

Top Q&A For: What happens after a bank buys a foreclosure

What happens in a bank foreclosure?

When a lender makes a mortgage loan to a borrower, the home being purchased is pledged as collateral against default on the loan. If a borrower defaults, the bank has the right to foreclose on the ... Read More »

What happens to renters after foreclosure?

Foreclosure is the legal process in which an owner's rights to a property are shifted to the lender. Renters or tenants find themselves affected by foreclosure when the owner or landlord of their p... Read More »

What happens after a foreclosure sale?

Foreclosures can be a sticky situation for borrowers and banks. It's important for consumers to know how a foreclosure sale will effect them for many years to come.Credit ScoreAfter a bank foreclos... Read More »

What Happens After a Foreclosure in Arizona?

Foreclosure allows a lender to sell the property that secures a mortgage after the borrower defaults. Lenders in Arizona have the option to either judicially foreclose or utilize a trustee's sale. ... Read More »