IMO, it's one of our most dangerous laws and one that should be strictly limited.

Since around 2010, and growing each year, more and more come due and since underwriting guidelines have become more strict, compiled with mismanagement and value reductions, the borrowers would need to come to the table with lots of cash to refit into a new loan, most of which don't have it, hence the increasing number of foreclosures and short sales.

Here's the bulk of that text:------------------------------------------------------------------------The Old FHA 90-Day RuleBefore 2/1/2010, FHA/HUD had a very clear and very strict rule that basically said, “If you buy a property, you can’t resell it to an FHA buyer for at least 90 days after you purchase it.”In fact, in some cases, you couldn’t even sign a contract with a buyer until after 90 days from purchase.

If your land trust was the Irrevocable type, you would be required to be much more strict as you will now have to be VERY specific as to the cashflow.

In this case, since they did not sign any contract, and since they are illegal subtenants (in strict sense of the law), I don't know if any of these legal notices would be valid in court.Does anyone have any ideas on what I can do?

San Joaquin), the tenant is strictly forbidden from paying ANY amount.

Can anyone recommend a good bank with less strict guidelines?

Lenders and HUD are very strict about their procedures.

(called during normal hours this time).If we had needed the rental longer than one year we would have found a new house STRICTLY because of the PM.It certainly gives us a new perspective on ensuring that our PM treats us right AND treats our tenants right.

Don Koss, I definitely understand that Cook County seems to be quite biased towards tenants, so I plan to heed that advice and be very strict with screenings, setting my criteria up front and sticking to them.