We answer frequently asked questions or FAQ about Houston real estate foreclosures and real estate foreclosures in the surrounding communities of Greater Houston including Cypress, Katy, and College Station.
A real estate foreclosure is the forced sale of a property by a mortgage lender resulting from the default of the borrower on the loan payments or other terms of the loan.
An REO, is a real estate listing of a home or other real estate owned by a bank or other mortgage lender. It stands for Real Estate Owned by the bank.
A short sale is a situation where a homeowner is attempting to sell a home that is worth less than the amount owed on its existing mortgage with their mortgage lender accepting the loss. The homeowner's mortgage holder must approve the sale. It can take an additional 30 to 90 days to obtain the lender approval for a short sale offer.
A REO, is a real estate listing of a home or other real estate owned by a bank or other mortgage lender. It stands for Real Estate Owned by the bank. A REO asset comes in to the possession of the lender as a result of a foreclosure.
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