Homeowners receiving loan modifications for their primary residence (and noted on their credit report); are now being treated as short sellers by Fannie Mae…even if the homeowner was never late on their mortgage.
New half baked idea by govt to “solve” housing problems. San Bernadino county wants to seize underwater mortgages by eminent domain, modify them so homeowners can stay in their house.
I am totally opposed to this. I had a property I owned seized by eminent domain because the city wanted the land to build a cty building. I had no say and the price they gave me was a joke.
Every time you make an offer to a bank, be prepared to close. There is no assignment regardless of what some “guru” tells you. You can do a double close but it is risky and complicated. Your deposit is at risk unless you have someone who is willing to put up the deposit in the 2nd escrow before the inspection contingency expires. YOU CAN NOT ADD ANOTHER NAME TO THE CONTRACT OR CHANGE IT IN ANY WAY.
Can you believe it? After years of bulging inventory of reos, the days on market has shrunk to an amazing 33 in L.A.
Because of several reasons:
- Interest rates so low makes for a positive cash flow situation for buy and hold
The deal gives 5 major services-NOT NECESSARILY THE BANKS, incentives to write down the loans of severely upside down homeowners. Most of these loans are not owned by the banks …Continue reading