Stevenson Ranch is set in the foothills of the Santa Susana Mountains and lies west of Interstate 5. This area backs up to the historic, oil-mining town of Mentryville, founded in 1875. A master planned community, it was approved by the county in 1987.
In REO properties, A bank typically sets the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owned on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset (non-performing).
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