What's The Difference Between A Bank Owned Foreclosure And An REO
Posted by Artur Ciesielski on Thursday, June 30th, 2011 at 5:54pm.Q. What's The Difference Between A Bank Owned Foreclosure And An REO?
A. These terms, bank owned, lender owned, bank owned foreclosure and REO which stands for Real Estate Owned, essentially mean the same thing.
They all mean that the lender itself or the servicing company, or trustee in some cases which all represent the mortgagor hold the property deed after it has gone through the foreclosure process which in itself varies by state.
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Artur Ciesielski | 602.492.8004
Artur is a Realtor and partner with inPhoenix Realty Group and an aspiring flaneur, currently in Phoenix or elsewhere when time allows, which is rarely. You can find him running up miles on this car, cycling the urban streets, in the office on Central or working at one of the many coffee shops in Central Urban Phoenix.
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