Bank Reo Listings in Central California

Search Stockton & Lodi Bank Repo MLS Listings, By Zip Code & Map. We have pre-selected Stockton zip code 95209. However you can view  more pre-selected listings by Zip, Map, Bank Repos, Short Sales or Other Property types by using the link with the Red arrow at the left. Or to view properties from Placerville to Merced, just click on the "SEARCH AREA LISTINGS" box below with the little Orange square for a more advanced search. These are all MLS listings which are updated hourly, 24/7. There no more photos or information other than what is on the listings.

REO is real estate which is lender owned, most often a bank, after receiving no successful bidders at a foreclosure sale auction. A lender will most often set the low bid for a trustee sale at least the mortgage blaance due. If no successful bids for the preopert, the lender will legally take the property back. When the bank becomes the owner of the real property, it is subsequently listed upon their books as an REO - meaning Real Estate Owned

- and is categorized as an asset (non-performing). As soon as a property goes into a distressed status (the borrower/home owner misses mortgage payments) the bank will want to determine the amount of equity that the property has. A popular method to determine the equity is to obtain a Broker Price Opinion BPO or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide to try for a short sale or to allow it to go through the foreclosure process. If the bank is able to sell the property through a short sale or at a foreclosure auction, then the property will not become a REO property.

Foreclosure Definitions

Bankruptcy

A legal recourse that allows a person or business to clear any debt obligations by reorganizing the payment amount and payment schedule of those debt obligations. A bankruptcy stalls the foreclosure process, not allowing a foreclosing lender to proceed with the foreclosure until the bankruptcy proceedings are completed or the court in charge of the bankruptcy allows the lender to continue with the foreclosure. 

Deed of Trust

A legal document that dictates the terms of a loan used to buy a property and transfers the ownership of the property to a third party called a trustee until the loan has been paid in full. The trustee can sell the property to recover the remaining loan balance for the lender if the borrower violates the terms of the loan (i.e. does not make monthly payments).

Foreclosure Sale

A process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files the necessary documents to begin the foreclosure proceedings.

Junior Liens

Liens that have a lower priority in terms of their legal claim on a property. The priority is usually determined by the date when the lien was filed. The first lien, or senior lien, against a property is usually the first mortgage or deed of trust recorded when the owner bought the property. Junior liens are typically cleared out a public foreclosure sale, but the purchaser at the sale may be responsible to pay off senior or higher priority liens.

Lien

A legal claim on a property by a lender or other entity that is owed money by the owner of the property. The entity that files the legal claim is called the lien holder. If the owner does not pay off the loan or debt that is owed, the lien holder can take steps to sell or repossess the property to recover the debt owed (foreclosure).

Lis Pendens (LIS)

A publicly recorded notice of a pending lawsuit against a property owner that may affect the ownership of a property. Some states require lenders to file a lis pendens to begin the foreclosure process if a borrower is in default on loan payments.

Mortgage

A document that dictates the terms of a loan used to buy a property and gives the lender some claim to the property (either ownership or a lien) until the loan has been paid in full. The lender can take steps to have the property sold to recover the remaining loan balance if the property purchaser violates the terms of the loan (i.e. does not make monthly payments.)

Notice of Default (NOD):

A publicly recorded notice that a property owner has missed scheduled loan payments for a loan secured by a property. Some states require lenders to record a notice of default to begin the foreclosure process.

Notice of Sale (NTS or NFS):

A document announcing the public sale of a property to recover a debt owed by the owner of the property. The notice is mailed to parties affected by the sale of a property, advertised in local publications and recorded in public records. Among other information, it provides the date, time and location of the sale

Postponement

An announcement – usually made at the time and place of the originally scheduled foreclosure sale – that establishes a new date and time for the sale.

Reinstatement

The stoppage of foreclosure proceedings and return to the original terms of a loan that occurs when an borrower pays off the amount in default on the loan to bring the loan payments current. The borrower’s chance to reinstate ends before the public foreclosure sale in most states.

REO:

A bank owned property that has already been through the trustee sale process and is now ready to purchase direct from the bank. These properties are normally listed with a Realtor, and placed in the Multiple Listing System. Find Bank Owned Properties Short Sale:

A short sale is a isting on a property that is being offered for less money than the existing loan balance. The seller and the real estate agent hope to persuade the existing lender to reduce the loan balance to the amount a new buyer has offered for the property.  Many times the seller is already behind in the payments, and there is little time to complete the sale.

Most of the time the existing seller has little motivation to comply with the existing lender requirements: Provide a current financial statement, profit and loss statement, two years tax returns, and pay for a new appraisal and provide a copy of the purchase agreement between the seller and the new buyer. Find short sales from most IDX feeds and metrolistmls.com.

To find short sales go to our MLS Listings Page, and click on Short Sales.

With so many great bank owned REO properties on the market, there is little need to look at short sales.

Trustee Sale:

The legal sale that is normally held at the courthouse steps, or at a title company. The existing lender will usually bid the existing loan amount, plus existing foreclosure costs.

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