Q:
Does the Bank of New York Mellon sell REO properties?
A:
Quick Answer
The Bank of New York Mellon does not directly sell real-estate-owned, or REO, properties to the general public. However, Fannie Mae and Freddie Mac, the two government-backed institutions that buy mortgages from lenders such as this bank, sell bank-owned REO properties, states Fannie Mae.
Continue ReadingFull Answer
An REO property is a home for which the borrowers failed to meet their mortgage obligations and subsequently went into foreclosure. Once the home is in foreclosure, lenders such as the Bank of New York Mellon offer the home for sale at auction. If a third party does not buy the property at auction, the bank buys back the home, and the property is on the bank's books as a bank-owned REO property, according to RealtyTrac.
Learn more about Finding a HomeSources:
Related Questions
-
Q:
What are some popular banks in New York City?
A: Some of the more popular banks in New York City include J.P. Morgan Chase, Bank of America, Wells Fargo, Citibank, PNC Bank and Bank of New York Mellon, ac... Full Answer >Filed Under: -
Q:
How do you find cheap apartments in Bronx, New York?
A: Real estate websites such as Zillow and Trulia help users find cheap apartments in Bronx, New York. Zillow provides a feature allowing users to find apartm... Full Answer >Filed Under: -
Q:
Where are some no-fee apartments in New York City?
A: Check property listing sites such as Trulia and RentHop to find no-fee apartments in various New York City neighborhoods. Select an address to find availab... Full Answer >Filed Under: -
Q:
How do you find apartments for rent in Yonkers, New York?
A: Real estate websites such as ForRent.com and Zillow.com offer listings of rental apartments in Yonkers, New York. Zillow lets a renter find the newest list... Full Answer >Filed Under:
