REO properties often have dead lawns and may be poorly maintained. Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
https://en.wikipedia.org/wiki/Real_estate_owned
HUD > Program Offices > Housing > Single Family > REO. HUD Homes (REO) A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo
HUD Home Store. HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo
Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract.
https://www.usa.gov/foreclosure
Origin[edit] The term REO originates from the term other real estate owned (OREO), which is used on financial statements to classify real estate property owned by a financial institution but which is not directly related to its business. These financial institutions are often the lender.
https://en.wikipedia.org/wiki/Real_estate_owned
Buying HUD Homes. HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/reobuyfaq
Step one: communicate with your lender. As soon as you realize that you are going to have trouble making your mortgage payments, contact your lender and tell them about your financial difficulties. This gives them the opportunity to work with you to create a plan.
https://www.usa.gov/foreclosure
What is a HUD Home? A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. The following information is provided as an introduction to the process through which HUD homes can be purchased. You can either scroll down the page, or access specific topics through the following topic menu.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/reobuyfaq
The Making Home Affordable Program offers opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
https://www.usa.gov/foreclosure
Your state's housing agency might have a foreclosure avoidance program as well. If you have an FHA loan, call the FHA National Servicing Center at 1-877-622-8525. Beware of mortgage relief scams. One sign of a scam is when they ask for a fee in advance. Learn how to spot housing scams and report housing scams.
https://www.usa.gov/foreclosure
what is hud reo?
HUD REO is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on a Federal Housing Administration insured mortgage. A HUD Reo is a 1 to 4 unit residential property acquired by HUD.