This is a public service information bulletin. One of the functions of the Sheriff’s Office is to conduct the sale of real property after foreclosure proceedings have been completed. HUD Foreclosures primarily appear on HUD's website, before being pushed to our website.After reading over the following information thoroughly, please feel free to contact the Sheriff’s Sales Division of the Office of the Sheriff at (856) 225-5531 or (856) 225-5551, if we can be of further assistance. HUD Foreclosures - these are bank owned properties in which the original owner purchased the home with a government mortgage loan (such as FHA or VA) that was insured by HUD, The United States Department of Housing and Urban Development.Fannie Mae Foreclosures primarily appear on Fannie Mae's website, before being pushed to our website. Fannie Mae Foreclosures - these are bank owned properties in which the original owner purchased the home with a conventional mortgage loan that was insured by Fannie Mae.REO Foreclosures are listed for sale by local real estate agents, like The Nicosia Team, and appear on our website the same as any other listing. REO's - stands for "Real Estate Owned", these properties are owned by the bank, savings and loan, or other lending entity.The Nicosia Team specializes in representing buyers and investors of the following 3 types of foreclosure properties: Generally speaking, the mortgage lender initiates the foreclosure process after three months of non-payment by the borrower. The basics on "HOT" bank-owned and foreclosure deals!įoreclosure's are properties owned by mortgage lenders because the original owner defaulted on the loan payments.
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