Newest Bank Owned Homes for Sale in San Diego County
Bank Owned Home/House, REO, Foreclosure, Real Estate Owned - It's all the same thing. An REO is 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.
The Foreclosure process begins when the homeowner fails to make payments on the money that is due on the mortgage. The Foreclosure proceedings typically start with a formal demand for payment which is usually a letter issued from the lender. This letter of notice is referred to as a Notice of Default (NOD). Depending on your state, the lender will issue this notice when the homeowner has been 3 months delinquent on the mortgage payments. Keep in mind that the notice is a threat to sell your property, terminate all your rights in that property and evict you from the premises.
See all Bank Owned Homes for Sale in San Diego.