Real Estate Owned (REO) Settlements

 

Block, Colucci, Spellman & Peller, LLP served as closing agent to the Secretary of Housing and Urban Development from 1997 to 2003 for their post foreclosure real estate owned properties. Special attention is given to the mortgagee now owner with regard to Deed Affidavits and condition of property guarantees.

 
 

REO Settlement Timeline

 
Contract Preparation. . . . . . . . . . . . . . . . . .
24 hours from receipt of referral
 
Title review and contingency monitoring. . .
5 days from receipt of contract
 
Schedule closing. . . . . . . . . . . . . . . . . . . . .
24 hours from receipt of clear to close
 
Proceeds to mortgagee. . . . . . . . . . . . . . . . .
24 hours from closing to overnight proceeds

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