Are REO And Foreclosure The Same? There’s one key difference between a house that’s in foreclosure and a house listed as “real estate owned,” or REO. A home in foreclosure is being taken back by the mortgage lender; an REO home has already been taken back, but the lender hasn’t been able to sell it.
What Are The Three Types Of Foreclosure Processes That Enforce Mortgage Liens? The three types of foreclosure are judicial, non-judicial and strict foreclosure. In this article, we will describe each one. Judicial: The form of foreclosure that most people are familiar with, judicial foreclosure is the process in which a court orders the sale of
What Are The Foreclosure Laws In Pennsylvania? In Pennsylvania, the lender has to send you (the borrower) a notice of intent to foreclose at least 30 days before starting a foreclosure. The notice must give you the chance to catch up on the payments, called “curing the default.” The Pennsylvania Supreme Court ruled in the
Does Nevada Have A Redemption Period? Does Nevada have a redemption period? Does Nevada Law Allow for a Redemption Period After a Foreclosure? Nevada law allows for both judicial and non judicial foreclosures. If a lender pursues a foreclosure through the judicial system then the owner has a 1 year right of redemption following the