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Foreclosures and REOs

Foreclosure is the process of enforcing a lender’s interest in real property through the judicial process or alternative loss mitigation efforts. When a borrower defaults on a loan secured by real property, a lender may exercise its rights under the mortgage, deed of trust or other security instrument. Terra supports the effort by providing its customers with title information and reports required in order to enforce the security interest by identifying title issues, lien priority and junior and senior lien creditor information. When the foreclosure process is completed, whether the property is surrendered or foreclosed, properties returned to the lender are handled through the REO (real estate owned) process which is also supported by Terra through the out-sale closing.

“Terra’s knowledgeable and friendly staff made the settlement process efficient and stress free.” – Edward P.