The REO Guide: 10 Steps to Buying a Bank-Owned Home
PennyMac
DECEMBER 22, 2020
In order to become an REO property, it must go through these general steps: Loan Default. The homeowner/borrower defaults on (fails to make) their mortgage payments for a certain length of time, with the qualifying amount usually specified in the mortgage terms. Foreclosure. Is an REO Home the Right Fit For You?
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