Real estate continues to be a very interesting, ever-changing field. As an investor, I view it as a giant chess game. For example, we come up with a great way to do short sale flips, the banks change the title seasoning rules. We investors find a way to help neighborhoods while profiting from flipping,the banks sell in bulk to hedgies instead. We want to create an income stream by owning rental properties, the banks limit how many mortgages we can have. Sheesh!
Now - we have a new twist on teh foreclosure laws. To much fanfare and a lot of ballyhoo, the big banks agreed to a few new "Homeowner Bill of Rights" in many states, and agreed to new terms and conditions under which they could foreclose. This was ostensibly to help the poor homeowner who was faced with losing their home, or who was going to auction while working on a loan mod or short sale (SURPRISE!) and the rug was yanked out from under them. So...the new regulations told banks they cannot dual track (loan mod and FC at the same time e.g.); that the homeowner can sue for "finding the owner of the note", or MERS violations; can delay FC by a BK, and on and on and on. Do you REALLY think the banks are meekly agreeing to these new regs that will delay delay delay foreclosures!??? Agreeing to regs that are NOT in their OWN best interest???
NO WAY!
They may look like it, but in the meantime, they are moving ahead in the great chess game with a slick move.....They are $-talking-$ to legislators in various statehouses, and are getting said legislators to agree to new rules for quickie judicial foreclosures in Trust Deed states, formerly non-judicial foreclosure states. Check out Hawaii, where it has already happened. Oregon is almost a done deal. Nevada is in progress, and so is California. The worst part? For homeowners, anyway? The judicial foreclosures come along with deficiency judgments, meaning that the homeowner can be responsible for difference between the sale price and the total debt… called the “deficiency.”
Keep an eye out for these changes and watch as the foreclosures in crease now in those and other states.....and if you are looking for a lead in one of those states, I would say contact the folks who are just starting to be late on payments. They might get yanked real quick. http://bit.ly/Wxt7tn
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gees
If someone has good credit and can make the payments it doesn't seem right to tell them they can't do something the are perfectly capable of doing, sounds like bad business to me. Well their has to be a loop hole somewhere and I am sure you will find a way around it eventually. Maybe a partner is the key. Good luck J