The California Association of Realtors recently released a particular piece they are concerned with.

Originally posted by Steve Babiak:Bill Gulley - it would be nice if you gave us the website address where you discovered this, so that we can read it.Here are some articles from U.S. based media outlets the past week or two (and if you look at any overseas media outlets, this has been the top story):http://www.economist.com/node/21558281http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/05/explainer-why-the-libor-scandal-is-a-bigger-deal-than-jpmorgan/http://www.csmonitor.com/World/Backchannels/2012/0703/Lies-damned-lies-and-LIBOR-Barclays-Diamond-and-a-devalued-benchmarkhttp://www.rollingstone.com/politics/blogs/taibblog/libor-banking-scandal-deepens-barclays-releases-damning-email-implicates-british-government-20120704?

Originally posted by Stephen Bruno:...Chase holds the mortgage but wont discuss it until it has reached auction status. ...If your landlord would complete an "authorization to release loan information" form, Chase could be given to discuss that loan with you once you have been authorized by the borrower.But you should be trying to buy from the landlord as a first step, perhaps with a discounted payoff AKA short sale.

Bob,You need to get with the owner of the property and get a short sale specialist agent that only does short sales.Cutting through the crud is critical to your success in this case.The current owner will need to sign an (ATR) authorization to release with you or the agent giving permission for them to speak with the bank.The current owner may or may not have to list the property for sale on the open market.Sometimes if the buyer that lives there is willing to pay close to market the bank will try a private short sale.The owner has to go along with you on this.If not you would need a quit claim deed from them to control the property (means whatever interest I have in the property I give to you).

Don't forget that there are mortgage assignments, satisfactions, lien releases, subordination agreements, etc that can make the picture of lien position a bit murkier.

Ibrahim S Hey IB: are you sure you need a release?

There are laws in place to protect each party if the deal goes bad and the security deposit either has to be returned or released to the seller.

:)Keep in mind that COC return is not a metric that is governed by any official standards body, so there's actually no "right" answer to this question.

Note that we know this will cause issues with a construction loan and release clauses and we have that accounted for already with a local lender.

You can save on filing fees but your may have other concessions.I suggest that if you go with a blanket mortgage that you get a release fee on each property so that the property can be released without paying down the loan with all of the sales proceeds.