Foreclosure Homes in Mission Viejo are homes that are not owned by the bank yet, but their owners have already stopped payments on their mortgages. The lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:
The borrower/owner pays off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
A third party buys the property at a public auction at the end of the pre-foreclosure period.
The lender takes ownership of the property, usually with the intent to re-sell it on the open market. . Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).
OCExecutives specializes in real estate transactions of Foreclosures in Mission Viejo, California. Contact us today to sell real estate or buy real estate listed as foreclosures in the community of Mission Viejo or for more information about any of these Mission Viejo foreclosures. If you would like to see a list of homes in other communities in Mission Viejo, follow the links above, or click here for other Mission Viejo Real Estate.
Based on information from California Regional Multiple Listing Service, Inc. as of August 4th, 2020 at 10:16am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.