How can I find out about a bank-owned REO that is in the process of being turned over to HUD?
I'm trying to find out more information on a bank-owned REO. The bank is in the process of collecting on the insured mortgage and then it will be transferred to HUD; which will then sell it? The bank won't give any details on the property, and HUD doesn't have it in their inventory yet. My local HUD office instructed me to contact City Side Corp, who manages their REO properties. City Side doesn't show it in their posession, so they can't give me any information either.
The answer is: Keep calling the bank that owns the property. There is a good chance that the property will be sold before the bank turns it over to HUD. We faxed the required documentation to the bank and was told they were waiting on a contractor's bid. We assume they did finally get the bid. - - - Then they turned around and sold the property to someone else. LESSON LEARNED: Call the bank every day if you have to!!!
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