Larger banks do have a more regimented process but smaller banks do have a department, SAG, Special Assets Group that handles these properties and a typically an REO manager.

In Pennsylvania, you cannot just hire an MLO to handle origination unless you already have a state lending license and everything that goes with having that license.FYI: The typical MLO will not be qualified to advise you on all you need to know.

Typically though your mtg gets wiped out and you May be entitled to some of the surplus funds, if any.

These are typically trust companies such as Kingdom Trust Co in KY and IRA Services Trust Co in CA among others. 

Terms stated in LOI are typically not subject to re-negotiation later.

Typically you’d send it to your title company and then to your lender if you’re using one.

As long as you are using them they typically won't close them on you.

This kills them for about 10 years, which typically means this is a permanent fix. 

The 70% that they typically refer to is a very common LTV % of the ARV for Hard Money lenders.ARV x 70% = max loanmax loan - repairs - closing costs (hard money origination fees, title fees, state fees) = MAOHopefully that helps, but like I said the closings costs vary by lender.

I was a 10 minute jog from the beach, was commuting opposite of the traffic, and lived within walking distance of almost everywhere I typically went.