Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 15 years ago,
Short Sale Approval Clarification
Someone brought some language used by lenders to my attention. I hadn't noticed it before, but now that I look back, I see it in a couple of my approvals. I know a lot of investors use the Trust Method of flipping, deeding the property into a trust. Do these clauses affect that? Please give me your take on the language.
Wells Fargo: "It is further understood this transaction may not involve any third party who received a deed from mortgagor at, prior to, or after settlement."
GMAC: "This transaction may not involve a third party who receives a deed prior to this closing or after after this closing and before recording of the deed to the purchaser."