Mansfield Foreclosures

Bank Owned Properties

Have you searched for bank owned homes in this community? Banks become legal owners of residential properties in a number of ways. This process may occur involuntarily through a foreclosure, or voluntarily as a result of a property owner's actions.

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Financial institutions which hold mortgages on residential properties sometimes experience defaults in payments over an extended period of time. When this situation occurs, a bank may use the foreclosure process to assume title to the realty pledged as security for a mortgage loan. Most banks do not welcome taking real estate into their inventories through this means.

Some financial institutions also acquire real estate through the voluntary actions of property owners. For example, in some situations a homeowner who cannot afford upcoming mortgage payments asks the bank holding the primary mortgage on the property to simply accept this collateral back in lieu of filing a foreclosure action. The finally stressed homeowner may consider this course of action advisable from a credit standpoint.

Additionally, banks sometimes become the owners of residential properties when they issue "reverse mortgages" on homes and the property owner elects to let the financial institution accept the real estate at the end of the mortgage term. A variety of motivations may underlie this decision; in some cases, an elderly homeowner who has received payments from the financial institution for many years decides to relocate elsewhere, rather than refinance the residence.

Short Sales

Sometimes prospective buyers learn about a residential property offered for sale by a seller who has become "upside down" on the mortgage. The seller owes more money to a financial institution on the mortgage than the property will likely generate during a sale. A so-called "short sale" occurs when the closing agent does not receive sufficient funds from the sales contract to satisfy the outstanding secured mortgage and lienholder interests at closing. This unfortunate situation may prevent a transfer of title from occurring, unless the secured parties agree to permit the short sale to proceed.

In the past, banks sometimes consented to short sales in case in which a prospective buyer could prequalify and assume any outstanding mortgage secured by the property. This situation rarely occurs today due in part to widespread legal changes within the mortgage finance industry. Significant financial and legal risks surround the short sale process.

Anyone hoping to sell or purchase a residence involved in a short sale transaction should consider consulting with a qualified and properly licensed Massachusetts real estate attorney in advance. Additionally, it may prove helpful to discuss the situation with an experienced, licensed real estate broker. People can get badly injured in these types of transactions unless they obtain accurate, informed guidance. Some states permit contract for deed transactions under some circumstances, as long as the parties protect the interests of both the legal and the equitable owners of the property.

About Mansfield

The town of Mansfield lies approximately 30 miles southwest of the thriving City of Boston by road. It sits in northern Bristol County, Massachusetts. This location offers ready access to points within the Greater Boston Metropolitan Area and the City of Providence, Rhode Island.

Two key highways intersect on the edge of the community: Interstate 95, an important north-south transportation corridor, and the Interstate 495 beltway, a freeway linking many cities along the far western outskirts of Boston. Its location close to these pivotal roadways contributes to the value of this municipality to many commuters. From this location, residents can access a variety of employment, educational, recreational and shopping opportunities.

Perhaps not surprisingly, real property in this location has undergone appreciation in value during recent decades. As both Boston and Providence have expanded in size, the local area has attracted new residents. Today, this enclave boasts an estimated population of more than 25,000.

Prospective buyers discover a variety of types of homes in this part of Massachusetts. Whether you seek houses, condos, townhomes, or apartments, you may discover attractive choices here. If you require assistance locating bank owned realty in this location or marketing residential property, consider requesting real estate services from Boston City Properties. We offer skilled, experienced expertise in the local real estate marketplace!

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