If you have a mortgage and failed to repay the monthly payment, you are in the risk of getting a foreclosure. The lender, mainly the banks will file for Notice of Default and there is nothing you can do once the foreclosure is finalized. However, there are many ways you can avoid and stop a foreclosure from happening. You can find out more about this online or get a professional point of view in this matter.When a foreclosure happens, the lender such as the banks will take over the properties involved in the foreclosure and try to sell it off at the foreclosure auctions. A foreclosure auction is going to take place to auction off the properties to the public. Before the auction take place, you will be able to see many advertisements whether in the newspapers, billboards and even online banking portals. Some of the legal paper are good places to look. In the Twin Cities area, you would want to look at Finance And Commerce as well as the St Paul Legal ledger to find properties that may become bank owned properties.However, most of the properties have no buyers as the price of purchasing the mortgage is much… Read full this story
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Foreclosed Homes Turn Into "REO" Or "ORE," Which Are Bank Owned Properties have 401 words, post on ezinearticles.com at November 1, 2008. This is cached page on The World Articles. If you want remove this page, please contact us.