Foreclosure Process in ArizonaA property is foreclosed upon by a lender, but the property remains unsold after a foreclosure auction or Trustee’s sale. The lender still retains the property, which is now classified as an REO – “Real Estate Owned.”

The original term from which REO is derived is OREO –“Other Real Estate Owned.” This is a term found on a financial institution’s financial statement to describe real property that is owned by, but that does not materially relate to the business of, that institution.

Holding a portfolio of REO properties may not offer tremendous value to a financial institution.  They may not even have the potential to recoup what is owed on a loan.

REO disposition refers to the business of handling, selling and otherwise managing REO properties.  As unattractive as these distressed assets may be to lenders, REOs have assumed a substantial position in the portfolio holdings of some real estate managers.

Working with an experienced, knowledgeable Arizona creditor’s attorney can help tremendously when evaluating creditor options.  If you would like more information about bankruptcy filings, REO properties, foreclosures, or if you need assistance from an attorney, contact Windtberg & Zdancewicz to schedule an initial consultation.

The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation in all collection matters.  We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases.  If you need assistance with your collection matters, please contact us at (480) 584-5660.