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Burbank Foreclosures

Burbank Foreclosures, Burbank REO Property

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What is Foreclosure?

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).

Why Buy Foreclosures?

Buying Monrovia foreclosures directly from the bank is preferred by many home buyers and real estate investors because it is a more methodical, predictable and non-emotional process than buying from the distressed seller. This is an outstanding time to buy Monrovia Foreclosure home – distressed property or not. With historically low interest rates, and a glut of Monrovia foreclosures on the market in many areas, there are Monrovia Foreclosures to be found.

Is a distressed property for you? give us a call to explain the benefits of buying Monrovia foreclosures

Facing Foreclosure?

If you are an homeowner of California real estate that would like to know what options you may have in avoiding Monrovia foreclosure there are many options to you contact us at: (626) 296-2900 to schedule a confidential consultation.

When Does The Foreclosure Process Begins?

The foreclosure process begins when the lender files a Notice of Default, or NOD, at the County Recorder Office once a borrower defaults on their loan.

When Does The Foreclosure Process Ends?

• Within the grace period determined by state law (pre – foreclosure), the borrower pays the defaulted amount and reinstates the loan, or

• The property is sold during the pre – foreclosure time period, allowing the borrower to pay off the mortgage loan.
• A situation where the mortgage loan is greater than the sale amount, but the lender agrees to a loan pay off that is less than what is owed is referred to as a short sale, or short pay. Or, at the end of the pre – foreclosure period, a trustee sale occurs and the property is sold at a public auction to a third party, or The lender takes ownership of the property through an agreement with the borrower during the pre – foreclosure time period, or buys the property at the trustee sale.
• The bank-owned property is referred to as real estate owned, or REO and its assigned to an REO Agent to sale.

It’s critical to have the Monrovia foreclosure home professionally inspected before you make an offer or put down earnest money. The inspector will assess the structure’s soundness and may uncover problems that would be very costly to repair.

Banks usually sell foreclosed homes as-is, meaning they won’t make any allowances for repair. And even in a short sale, they likely won’t make any such allowances, because they’re already losing money on the transaction.

To guide you through the process – from obtaining a loan to identifying a home, to negotiating with the sellers (whether homeowners or banks), to closing – contact a RE/MAX agent like The Manzo Team.

Equal Housing Opportunity