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Step 1: If your lender hasn’t already contacted you about Flex Modification, reach out and ask for a borrower response package. Step 2: You’ll need to complete and sign the borrower assistance ...
Real estate owned. Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender —typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1] A foreclosing beneficiary will typically set the opening bid at such an auction for at ...
Drive-by inspection is a quick assessment of a property. [1] Drive-by inspection, or q uick property assessment of properties are performed to assess a real estate property, such as of by field investigators for out-of-town landlords of rental property. [2] Drive-by inspection services are primarily used by financial institutions in the case of ...
Loss mitigation. Loss mitigation[1] is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure.
A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss of property. As ...
So, a deed in lieu of foreclosure is the legal process in which the title of a home (the deed) is transferred from the homeowner to their mortgage lender to prevent (in lieu of) foreclosure. If ...
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