In case you are house hunting, you may want to think about buying a foreclosed home, also called a real estate owned (REO) property. An REO property is owned by the lender as a result of the previous owner defaulting on the mortgage. This is also referred to as a foreclosure property or just a bank-owned property. So how exactly does a foreclosure on a house proceed? If the house doesnt resell, the lender will hold onto the property, which is known as real estate-owned, or REO. Throughout nearly all of the foreclosure process, until five days before the public auction date, you will be in a reinstatement period. You can make all your past monthly payments in full together with penalties.

Foreclosure News Clark County