If you are a regular reader of this Los Angeles real estate blog, you know that I compile monthly foreclosure statistics for Glendale, La Canada, La Crescenta and Pasadena.
According to Encarta, “foreclosure is a noun, defined as: removal of right to redeem mortgage: a legal process by which a mortgagee’s right to redeem a mortgage is taken away, usually because of failing to make payments.”
When real estate is in the foreclosure process and the owner is unable to bring the loan current, or sell the property it is lost through foreclosure. Unless someone bids for the home at the courthouse steps it reverts back to the investor and is now considered real estate owned (REO pronounced R E O).
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The California foreclosure process
It’s a small real estate world
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