Your Source for Albuquerque and Rio Rancho, NM
Bank and Government Foreclosure Properties
Can I buy an Albuquerque or Rio Rancho area bank owned
property at a price equal to the balance due on the mortgage?
This is a common misconception held by many consumers. When the lender forecloses on a property, the mortgage and all junior liens are wiped out. They no longer exist. The property is now an asset belonging to the lender, or an REO (Real Estate Owned). Just like any Seller of Real Estate, the bank now wants the maximum possible price for its asset on sale.
