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What are bank owned properties?

Jun 7th, 2008 11:37
Ally Walker, http://www.business-directory.com/real-estate/foreclosure-listings/bank-foreclosures/

Bank foreclosures are at an all time high right now.  With adjustable
rate mortgage holders folding to the foreclosure bug at just over 50%
there is a massive opening for investors and business people.
For the most part banks are willing to sell properties for pennies on
the dollar just to recoup some of their losses.  While a majority of
adjustable rate mortgage holders are folding under economic pressure,
the others that are left by a surprising number are late on their payments.
This leaves the door wide open for banks to swoop in and foreclose on
these homes but with so many foreclosures happening at once the banks
are becoming more likely to deal on these houses just to get some form
of compensation back.  While banks are making deals with ARM borrowers
that have kept their payments on the straight and narrow, these
borrowers are few and far between.
This situation has left the banks in dire straights, looking for the
next opportunity to cash out on their bad investments.  The bad
investments being the mortgages that have turned upside down.