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Thread: Question on ownership of house.

  1. #1
    Cyburbian dandy_warhol's avatar
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    Question on ownership of house.

    What does it mean when a Credit Union is the listed owner of a property (besides the obvious that the credit union owns the property)? Does this mean the property went into foreclosure or something? What does it mean for the occupants?

    I ask because the house across the street from us shows that a local Credit Union is now listed as the owner of the property.
    In the end, we will remember not the words of our enemies, but the silence of our friends. -Martin Luther King Jr.

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    Cyburbian wahday's avatar
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    A Credit Union is essentially a bank only that it is collectively owned by the members (those that bank there). I belong to one and it really just functions as my bank. Like other banks, they also provide loans, though I did read recently that they have historically shied away from providing mortgages (car loans are what my CU has pushed in the way of lending). But that doesn't mean it hasn't happened. In fact, I just searched "credit union owned properties" and found a bunch in various states.

    So, my guess is that you are correct - the owner foreclosed and now the credit union owns the property. If it were a conventional bank, it might be called an REO - Real Estate Owned which means its owned by the bank. I don't know if CUO is really an acronym or not...
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    Cyburbian Mud Princess's avatar
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    Sounds like a foreclosure situation to me - assuming the credit union is the only one listed as the owner.

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    Cyburbian zman's avatar
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    Check with your county's public trustee. Foreclosure records are public.
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

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    Cyburbian dandy_warhol's avatar
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    Thanks for your input. After further searching turns out it was a foreclosure. The Credit Union is not the current owner (the County web info has some lag time) a local realtor purchased the property from the CU.

    The same family is living in there so they must have some kind of deal with the realtor.
    In the end, we will remember not the words of our enemies, but the silence of our friends. -Martin Luther King Jr.

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    Super Moderator kjel's avatar
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    Quote Originally posted by dandy_warhol View post
    Thanks for your input. After further searching turns out it was a foreclosure. The Credit Union is not the current owner (the County web info has some lag time) a local realtor purchased the property from the CU.

    The same family is living in there so they must have some kind of deal with the realtor.
    It went through foreclosure and the bank/credit union took it back, then sold it to the realtor who is more than likely renting it to the family.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

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