Bank-Owned Property

Bank-Owned Property

Properties that are taken into a bank's inventory, after a foreclosure sale. Bank-owned property is aquired by a financial institution when a homeowner does not make their mortgage payments. These properties then sell at a discounted price, much lower than current home prices.

Also referred to as real estate owned property.

This type of property is taken back by lenders during foreclosure. Lenders and banks with the highest bid in a foreclosure gain the rights to obtain the property. Bank-owned properties tend to have low interest rates and low down payments. They can be found through the online service RealtyTrac, or directly through lenders. Large national lending institutions have departments called loss mitigation departments, that sell these properties.


Investment dictionary. . 2012.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • jointly owned property — See community property joint bank account tenancy …   Black's law dictionary

  • jointly owned property — See community property joint bank account tenancy …   Black's law dictionary

  • property law — Introduction       principles, policies, and rules by which disputes over property are to be resolved and by which property transactions may be structured. What distinguishes property law from other kinds of law is that property law deals with… …   Universalium

  • bank — ▪ I. bank bank 1 noun [countable] 1. BANKING a business that makes its profit by paying interest to people who keep money there and charging a higher rate of interest to borrowers who borrow money from the bank. Different types of bank provide a… …   Financial and business terms

  • property — propertyless, n. /prop euhr tee/, n., pl. properties. 1. that which a person owns; the possession or possessions of a particular owner: They lost all their property in the fire. 2. goods, land, etc., considered as possessions: The corporation is… …   Universalium

  • Bank of Communications — Limited 交通银行股份有限公司 Type Public Industry Finance and Insurance Founded 1908 Headquar …   Wikipedia

  • Bank fraud — is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offense. While the specific elements of a particular banking fraud law vary between… …   Wikipedia

  • Bank of America Home Loans — Type Subsidiary of Bank of America Founded 1969 (Countrywide), February 2009 (Bank of America Home Loans) Headquarters Calabasas, CA, USA (Countrywide Financial) Cha …   Wikipedia

  • Bank of America Plaza (Atlanta) — Bank of America Plaza Viewed from Emory Crawford Long Hospital Former names NationsBank Building C S Plaza General information …   Wikipedia

  • Bank of Ningbo — Company Limited 寧波銀行股份有限公司 Type State owned enterprise Industry Banking Founded 1997 Headquarters …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”