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Bank
Owned Properties
Bank owned properties are also known as (REO) Properties (Real Estate Owned)
About (REO's)
Bank owned properties (REO's) are properties that were not sold durning a foreclosure sale. Buying bank owned property can take A LOT longer than a normal sale. These properties sell at a discounted price, much lower than current home prices, as buyers are wary of the costs of potential repairs that might be needed. Y
Types of properties
Pre- Foreclosure
Pre- Foreclosure
Pre- Foreclosure
When a homeowner has missed a few mortgage payments, Lenders may have a certain grace period, for example, for missed payments before the property is transferred into foreclosure. The missed payment schedule can vary among lenders. Pre-foreclosure doesn’t necessarily mean that the homeowner is underwater, and it doesn’t guarantee that the home will be foreclosed on. Homeowners facing pre-foreclosure contact their bank, they have a chance of saving their home.
Foreclosure
Pre- Foreclosure
Pre- Foreclosure
If a the homeowner cannot make any payments or sell their house to pay off their mortgage, the property will be taken back by the bank, then get auctioned off in a foreclosure sale. Most of these homes will be sold "AS IS" “if you buy, you assume all liens, IRS liens, and other mortgages possibly tied to the property,”
Short Sale
Pre- Foreclosure
Short Sale
A short sale is when a mortgage borrower owes more than the market value of the property. The borrower is asking the bank to accept a short payoff of the loan.
Short sales are not short and can take up to 6 - 12 months. Even more frustratingly, a seller can accept an offer on a short sale, but that doesn’t guarantee that the deal is going to close.
Programs to modify or refinance
HAMP
Hope for Homeowners
Hope for Homeowners
- HUD program enables an employed homeowner struggling to pay his or her mortgage to lower the monthly mortgage payments
Hope for Homeowners
Hope for Homeowners
Hope for Homeowners
FHA program to reduce principal and interest payments for eligible borrowers by allowing them to refinance into fixed rate 30-year FHA-insured loans that are based on current property values. Participation by lenders is voluntary. Eligible mortgages must have been originated by January 1, 2008
CT FAMILIES
CT FAMILIES
CT FAMILIES
Under this program, eligible homeowners may qualify for a fixed-rate 30-year loan if they are delinquent or anticipate becoming delinquent in their mortgage payments, whether adjustable rate mortgage (ARM) or fixed rate mortgage. Homeowners must demonstrate that their delinquency is the result of a financial hardship caused by circumstances beyond their control. Homeowners must also demonstrate that their loan payment history was current for the six months preceding the onset of their hardship.
HERO
CT FAMILIES
CT FAMILIES
HERO is designed to improve the financial situation of Connecticut homeowners who cannot afford current mortgage payments. The program provides fixed-rate mortgages for up to 30 years, as determined by CHFA, and includes property taxes and insurance, including mortgage insurance, homeowner's insurance and, if applicable, flood insurance, in the borrower's monthly payments.
Borrowers are eligible if the HERO loan is for a mortgage that has priority over all other liens or claims on a property in the event of default (first lien)
Litchfield County Real Estate
44 Main Street, Torrington CT 06790
C: (860)806-4169 | O: 1 (833)528-6253
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