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re: Can banks lease REOs?
Posted on 12/20/11 at 3:28 pm to geauxtigers12
Posted on 12/20/11 at 3:28 pm to geauxtigers12
I don't know of any laws preventing them from doing so, but as was previously stated, I doubt many banks would want to take on the additional liability. Since banks don't generally have a property management division, it's unlikely that they would want to bother with day to day responsibilities just to make a little extra cash while the property is sitting there. I'm sure there are some small niche servicers out there that do this but I doubt there are many.
Posted on 12/22/11 at 1:36 pm to 12more
12more is correct - no lender will lease a REO. They want to sell it and get it off of their books. It affects how much they are able to lend to others. Also, as previously stated, the liability is way to high.
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