Mission Viejo Foreclosures
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).
This foreclosure process allows for three opportunities for finding bargains on foreclosure homes in Mission Viejo. Search all foreclosures homes in Mission Viejo below, or click on the link if you'd like to search the properties that are already owned by the bank and listed for sale in Mission Viejo
Mission Viejo Foreclosure Homes
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