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Foreclosures >2. What Is a Bank Owned Property? When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction. A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.) See All Tips In The "Foreclosures" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What classic 1932 movie scene was filmed between 923 and 935 Vendome Street in the Silver Lake district of Los Angeles? A  Laurel and Hardy tried to lug a heavy piano up a really long outdoor stairway in "The Music Box." See More Real Estate Trivia >

Dorothy Sahlfeld Oregon First 240 NW 334TH Avenue Hillsboro, Oregon 97124 Phone: 503-539-5878 Fax: 503-648-8516 Cell: 503-539-5878 Email: INFO@NORTHWESTCOUNTRYHOMES.COM Specializing in Country Homes in Washington County, Yamhill County and Clackamas County Oregon. Personally and professionally involved with horses and rural properties for over 20 years, I have an in depth understanding of what you need for your country home needs. www.NorthwestCountryHomes.com is brought to you by Dorothy Sahlfeld NUMBER1EXPERT™ in real estate for Hillsboro, Sherwood and Wilsonville, Oregon Read Dorothy Sahlfeld's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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