REO Properties and Bank Foreclosures in Utah County
The definition of a bank foreclosure is a property that has been repossessed by the bank, due to the fact that the homeowner has defaulted on the mortgage payment. A bank is known as a lender which collects payments from the homeowner. If there are more than 4 payments overdue, then the bank starts the proceedings of a foreclosure. Bank foreclosed homes open up great opportunities to become a “first time home buyer“.
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