I’m sure this has been discussed, but a quick search didn’t turn anything up.
I’m looking to purchase a REO property for my family’s primary residence. It’s was foreclosed 11/2014, but still hasn’t come to market. The emergency contact on the actual property window points to Chase, but the title points to BB&T as the owner. I’ve managed to talk to the asset manager for South Carolina at BB&T and she doesn’t have the house in her system, but says that she can’t see it until it is ready for resale. It seems impossible to talk to a human at CHASE reo.
It sounds like BB&T was the original lender and the loan was sold with Chase becoming the mortgage servicing company and obviously foreclosure representative on behalf of the lender. It is possible this loan was seasoned and sold to a mortgage pool (Could be a Fannie / Freddie) with Chase the Mortgage Servicer.
If this property has become part of shadow inventory it could be years before it hit’s the market!
One might consider taking adverse possession (although be cautious to know rules provided in state where property is located). Eventually, the bank will contact you to settle the account on bank’s claim.