With the children going back to school and holiday season fast approaching, it is not surprising that looking for a buyer for your distressed property will be so much more challenging.
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From the category archives:
Distressed Properties
In an effort to help owners stop foreclosure, the House Financial Services Committee is formulating a plan to create a federal corporation that will have the ability to purchase troubled loans. If the plan works out, both lenders and home owners would have to accept losses in certain amounts. Lenders will obviously have to forgive a portion of the mortgage debt while owners will have to agree to a new repayment scheme that would be more affordable but may take longer to fully pay off.
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Distressed properties are another name for foreclosed homes. Distressed properties are houses and properties that have been foreclosed on by banks or lenders. There are several types of distressed properties depending on where the property is in the foreclosure process. For instance, distressed properties that have received a formal notification of pending foreclosure proceedings are called pre-foreclosures. Distressed properties that have reached the end of the foreclosure process and are being sold at a public auction are another type of distressed property. A third type of distressed property is bank owned properties. These are distressed properties that did not sell at auction and have the title transferred to the bank.
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