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.bank owned homes in san diego for sale

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.

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New Foreclosure Law - California Homeowner Bill of Rights

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