OREO property

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  • #2366

    We have recently taken a property back that has a renter living in it. If the bank wanted to continue renting this property can anyone tell me where I would get guidance on exactly what we need to do?!?!?!? 😮



    To my knowledge there aren’t any federal regulations or official guidance issued that deal with this subject. I’ve seen some things on it from a state level so that might be a good place to start looking.

    Is there a particular question?

    I know you can still rent to them. You do need to contact them and let them know about where to send their payments to (I’m assuming that it will be a different location from where they were previously sending their payments). You probably want to honor whatever contract they have in place. If you plan on evicting them, you probably should give them plenty of notice.

    I hope this helps.

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