Bank owned properties, aka real estate owned or REO, are those that have been taken over by lenders due to problems paying the mortgage. These properties may be sold at bargain prices to move quickly.
Homes can become bank-owned properties if the homeowner defaults on their mortgage and the bank forecloses. Bank-owned properties may also be referred to as real estate owned, or REO for short.
New Orleans-based Liberty Bank And Trust took 50 years to surpass $1 billion in assets under its founding CEO Alden McDonald, Jr. Now it needs to convince a new generation to buy into its mission of ...
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