All Forum Posts by: ERIC E

Hello Minna
After talking with several title company's it appears in most of the approval letters, but not all. the title company can respond by saying they cannot insure the transaction or obtain title insurance with that clause in the letter. also they may add "were not in a position to monitor the actions of the buyer after the closing". If all else fails I suggest writing your representative specifically the ones on the financial oversight panel that grilled ken lewis, and explain how BOA is prohibiting short sales with these clauses.

Great!-case by case, and are realizing they would rather have some money now .

Moe;
excellent suggestion! .
since the approval is all about the lenders net anyway.

Eddie
Those rules would serve a purpose if they would target only those commiting the fraud( the dry close. the pass thru funding from the end buyer to the b buyer,etc.) these rules however should not be applied to all as all are not commiting the fraud. the ethical investor who wants to re-sell short sales who closes using their own funds in a fully disclosed ,fully transparent stand alone transaction with their own escrow should be able to re-sell 5 minutes later if they choose.

Eddie:
I'm aware of the various owner occ/non owner occ rules. I started this post because certain lenders don't want investors re-selling the short sales they close on within 30 days.
These particular banks are hurting the homeowners by not allowing investors to do the short sales and allowing the property to be foreclosed instead. this 30 day clause also also halts free market capitalism, and keeps the market clogged with houses and slows the housing recovery..........

The lenders(Many who don't read the contracts we send them )may ask the question regardless. They like to know what we are going to do with the house even though it's none of their business when we close with our own cash funds.

If your a cash buyer you can answer any way you want. your referring to borrowed funds from a lender with owner occ./non owner occ. requirements.

jawsette: Probably best to avoid BOA/Countrywide short sales while these clauses remain. Ken lewis getting a lot of heat in washington-maybe things will change if he is forced out.

tHANKS SCOTT
I KNOW SOME INVESTORS ARE NOW CUTTING TO THE CHASE BY PUTTING THEIR INTENTIONS TO RESELL FOR A PROFIT ON THE 1ST PAGE IN BOLD RATHER THAN WASTE 3 MONTHS AND THEN GET THE LENDERS PROHIBITIVE CLAUSE.
THESE BANKS TAKE THE BAILOUT $, DONT LEND THIS $, HOARD THE $, RARELY HELP THE HOMEOWNER, WASTE TAXPAYER $ , AND CLOG THE MARKET BY INCURING FURTHER COSTS TAKING IT TO FORECLOSURE.

Thanks for your response. hopefully the trustee will allow the current servicer or an appointed servicer to complete the sale . The filing says to sell the remaining assets , so I hope their looking for cash instead of a DIL.