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Roost Real Estate — 1,681,373 Total Foreclosures
What are Foreclosures?

Foreclosures are properties that have been obtained by the lender because the current owner has stopped making their loan payments. There are three stages to the foreclosure process. At each stage, the property is considered a distinct type (default, auction or banked owned) and presents a unique opportunity for a new purchaser.

Defaults

This status indicates a notification has been given to a borrower stating that he or she has not made their payments by the agreed schedule. The default amount is typically how much the borrower is behind on their payments. This period is referred to as pre-foreclosure. Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright.

Default listings on Roost: 716,197

Auction

If the borrower has not had the loan reinstated by the end of the pre-foreclosure period, buyers can bid on the property at an auction. Buyers often are required to pay in cash at the auction and my not have much time ro research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.

Auction listings on Roost: 321,031

Bank Owned

If the lender takes ownership of the property because it failed to sell it at auction, the home becomes a bank owned foreclosure. A bank will try to sell this REO (Real Estate Owned) property or third-party marketing company. Because banks are in the money-lending business - not the real estate business - they want to sell as quickly as possible.

REO listings on Roost: 644,145
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United States Foreclosures

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Having trouble making your mortgage payment?
  1. Don't ignore the problem. The farther behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
  2. Call your lender when you realize that you may have a problem. Lenders do not want your house. They have programs to help you through financially difficult times.
  3. Your mortgage lender is sending you mail... Open and respond to everything they send you. The first notices you receive will offer good information about foreclosure prevention options. Subsequent mail may include important notice of pending legal action.
  4. Understand foreclosure prevention options. Valuable information about foreclosure prevention options can be found on the Internet at the Federal Housing Authority.
  5. Avoid foreclosure prevention companies. Don't pay fees for foreclosure prevention help... pay your mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three times your mortgage payment) for information and services your lender will provide free if you contact them.
United States Foreclosures
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