Repossesed Property

Repossesed property refers to property that a lender has claimed from the landowner because they default on the mortgage loan. When a landowner is not capable of making payment to the mortgage loan, the lender takes back the property and pursues a foreclosure in order to recuperate its losses. After filing the legal papers with the proper authorities, a lender is entitled to repossess the property and sell it at a public auction to the highest bidder. Purchasing repossesed property is an excellent way for investors and homebuyers to purchase real estate at discounts.

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