Quasi-REO - Posted by Bud Branstetter

Posted by Millie I. on July 22, 1999 at 22:18:41:

How about paying the $3K, then ask the attorney to discount the foreclosure bills to $10K, and get the property for $13K.

I have never come across such an REO before. I am curious on how it turns out. Please post follow up.

Millie I.

Quasi-REO - Posted by Bud Branstetter

Posted by Bud Branstetter on July 22, 1999 at 21:11:58:

I came across a deal here in Texas in which the property was foreclosed 2 years ago. The balance was an FHA insured loan of about 3K. The attorneys/trustee spent 16K getting it foreclosed. The bank won’t pay the attorneys. They say they can only get the 80% of the 3K. Negotiations are ongoing with the attorneys but the bank says they have to sell to FHA. Anyone know the regs on that? The house is worth as is 35K, not too much work and vacant.