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Can lender take custody of the property as REO by bidding the unguaranteed portion of the debt?

Published 08/10/2012 04:27 PM   |    Updated 08/10/2012 04:27 PM

 We understand there will no longer be VA No Bids. Does the lender still have the opportunity to take custody of the property as REO by bidding the unguaranteed portion of the debt?

Yes, the servicer does not have to convey the property, but you want to be sure that the amount bid at the sale will not negatively affect your claim payment.