Your Real Estate Information Center for Mortgage Foreclosures and Bank Owned Properties, Homes and Auction Listings      Bank Home Foreclosures - Auction Real Estate - Buying Bank Owned Homes - Foreclosure sales
Bank owned real estate homes and foreclosure auction properties offer a great opportunity to buy a bank owned home directly from the lender. Foreclosures listings are private real estate sales between the bank or mortgage lender and you, so there may be additional flexibility in both price and financing terms. The tools and links below will help you find your bank owned home, foreclosure or auction property. With the increase of mortgage foreclosure auctions, the real estate market is now inundated with listings of bank homes and mortgage lender owned home and properties.

Much of the recent real estate foreclosure activity is due to the increase in interest rates and a stagnant housing market have been having an effect on borrowers who had been counting on the rising value of real-estate markets to help them refinance their home mortgages. Mortgage lenders find themselves as owners of real estate in a variety of ways. Often, these bank owned real estate and property sales are due to a foreclosure auction, often referred to as foreclosures. As banks and mortgage lenders have loosened the strings and allowed the more exotic loans such as No money down, interest only, adjustable rates, and low qualifying standards, many buyers found themselves unable to continue paying their mortgages. For foreclosures in each of the states, use the tools on Mass Bank Owned.

Cape Cod Rentals Waterfront Real Estate By Owner Real Estate
Massachusetts Realty MLS Bank Owned Real Estate NewEnglandShopping
Last Minute Shopping CapeCod Foreclosures Co Brokers real estate
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia
Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland
Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey
New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina
South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
Featured Bank Owned Real Estate: Massachusetts
foreclosed homes widget by
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure 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, it is said that the lender has foreclosed its mortgage or lien. There are unique legal factors to consider when buying bank owned property foreclosures, so be sure to consult with legal council prior to entering into agreements to purchase.

Foreclosure and bank owned homes & mortgage auction info
Foreclosure Terms you should be familiar with:
Acceleration Clause - The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

Appreciation - The difference between the increased value of the property and the original value.

Bankruptcy - An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Contingency - A specified condition that must be fulfilled before a contract becomes firm and binding.

Deed in lieu of foreclosure - A process whereby the owner, with the approval of the lender, deeds the property to the lender to avoid foreclosure. Lenders are generally reluctant to accept a "deed in lieu" unless the title is free and clear of any other encumbrances junior to theirs and the owners execute an estoppel affidavit acknowledging that they are acting volitionally, with informed consent.

Due Diligence - Such a measure of prudence, activity, or assiduity, as is properly to be expected from a reasonable and prudent man under the particular circumstance.

Equity Right of Redemption - The right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.

Fair Market Value - The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

Hypothecate - When you use something as security and still retain possession of it.

Instrument  - A legal written document.

Judicial Foreclosure - A foreclosure process which is executed via a court action.

B Junior lien - A lien that is subordinate or junior to a senior lien.

Lis pendens - A term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.

Mechanic's lien - A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.

Mortgage - An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.

Mortgagee - The entity, usually a bank or financial institution, who lends money to a borrower.

Mortgagor - The person who borrows the money from a lender to purchase a property.

Notice of Default (NOD) - A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

Notice of Rescission - A legal document used when the defaulting party has cured or corrected the default.

Power of Sale - A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.

Pre-Foreclosure - Term used to discuss delinquent properties before they go to the foreclosure auction.

Quit Claim Deed - A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

Real Estate Owned (REO) - Property acquired back by the lender after it has gone to auction.

Redemption Period - The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.

Second Mortgage - A second loan placed upon a property in addition to an existing first loan.

Sheriff's Sale - The sale of a property to satisfy a debt or judgment.

By, a Fontaine Real Estate Company. To advertise: 508-394-1604 -
Fontaines Domains

Broker Tools

Visit our Sponsors:
Locate homes and properties in foreclosure process or held by bank or governement.
Hotel and motel reservations and discounts throughout New England.
Search the Massachusetts real estate mls. Or view the Boston Mass MLS.