You will need a very loose and open ended purchase contract with your seller allowing you to extend the close date at your option to allow for the problemtaic FHA lender demands of your end buyer.

They are telling me that they can possibly do a release clause, but is there anything else I should be wary of?

Price seems to stablized over the pass 2 months or so, but then again, Im sure the banks are just regulating how many properties to release during certain times to control pricing.

So unless you are releasing all claims of insurance when you purchase, the lender has a legal right to know the owner occupant is no longer insured on the property.

Regards, Heidi --------------------------------------------------------------------------------From: [email protected] [mailto:[email protected]] Sent: Wednesday, April 29, 2009 3:49 PMTo: Dicarlo, Heidi A [GCG-NAOT]Subject: Re: Contact Information....I can not do that until I extend my claims.I guess Citi Bank does not want the toxic funds to write down the loan or the money given to them to modify the loan.Is there a Supervisor I can talk to?

Most landlords though, will ask you to fax them a release to give you this info.

I take all RealtyTrac press releases with a grain of salt.

Anyone know if there are plans to extend it?

If he's released, he will almost certainly be stalking me again tomorrow and I will need to exercise extra caution while working.

I read somewhere that the mortgage holder must "give a written guarantee to release the property from the mortgage at a stipulated mortgage release price".