I actually had this property under contract in May of 2009 for $52k, but it was discovered by my attorney that FNMA did not own yet because property was in bankruptcy.

Now that I've gotten a lock on an REO, what's to keep someone from discovering it's listed with a RE agency, then submitting an offer of 1k over my price and basically stealing a deal from me?

Other institutions own the remaining 93% of loans OneWest services.

The only reason the HOA discovered the lock was from the property manager attempting to install a CO2 detector without permission for which we would have been charged exorbitantly for I am sure.

Jon...just spoke with my banker...he said he didn't have a problem with me paying off my loans because his institution is selling them anyway...thanks for the heads up though...

(I'll be corrected quickly if I'm wrong ;-)Equator (used to be called REO trans.com) is a new or revamped electronic system or "platform" that BoA and other institutions are using to try to help "streamline" the processing of Short Sales..From what I'm reading though, BoA has not gotten the hang of it yet and it hasn't made things any better yet...but maybe if they get it going properly it will help with SS's..

Upon receipt of the NET PROCEEDS and a COPY OF THE FINAL SETTLEMENT STATEMENT, CitiMortgage, Inc. will give a full release and reconveyance of their loan as agreed and no deficiency judgment will be instituted.

Of course, these are usually above market as well, but you can at least talk to the person and get a sense of how motivated they are to sell.Finally, Good luck doing 10% down on an investment property, in these times lending institutions want 20% down or more.

I just checked with my financial institution and they told me at least two months.

The tenants are entitled to discover public information from the public records; private information is kept private for good reasons - namely PRIVACY.All foreclosures in my area have had a lawsuit filed by the lender against the owner who isn't paying.