REO Properties being sold subject to 24 CFR 206.125 - What This Means
Posted by Ben Nicolas on
REO Properties being sold subject to 24 CFR 206.125 - What This Means
There is a new type of REO (Lender Owned ) property disclosure that is occassionally seen on properties listed for sale on the Los Angeles Real Estate Market MLS system. You may have seen this statement in the remarks section when looking for homes on the Internet. "This property is being sold subject to 24 CFR 206.125". This identifies the property as an REO that is being marketed after it had a Reverse Mortgage on it. Reverse mortgages are sometimes know as Home Equity Conversion Mortgages (HECM) . In many cases these were probably reverse mortgages taken out during the boom by someone over 62 and in many cases, not all, they are in better condition than some other REOs because…
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