The successful marketing and sale of REO properties in California has been facing numerous challenges. These challenges have resulted in the introduction of the 'cash for keys' practice. The California Department of Real Estate (D.R.E) has taken it upon itself to provide general advice and tips touching on this type of solicitation to approved licensees and consumers to avoid legal misunderstandings and violations. Once you are unable to service your mortgage, the lender will most probably take over your home in a foreclosure. The lender assumes responsibility of the property from that moment henceforth. The overall loss reflected in the lender's book is determined by the time it takes the lender to sell off the property and whether they have to carry out repairs or other forms of maintenance on the REO property or not.
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