The problem in this, as it usually is, the introduction of varying forms of corruption. I recently had to sign the owner occupancy form even when I was paying CASH!!! The reality is that REO asset bank managers have inherited the supervisory role over the "ratio" of fannie mae assets (one to four, regardless of how they're financed, to home owners v. investors), and report those ratios to the fannie mae authorities. Just give this situation a little thought: The original intent was to protect tax payers and home owners. Now, as the price of one to four unit income properties drop well below replacement value, and as investors buy them up with CASH, involving no public funding whatever, because many of those REOs are being sold by banks regulated by fannie mae, these arbitrary ratios are still being maintained, even when there's no fannie mae financing. Did someone say the banking industry regulations need a little work?
The bottom line, is that until the legal system fixes this problem, you are liable for the ten thousand liquidated damages. I am not a licensed attorney (yet, I will sit for the bar next year) so I can't go into court and argue for you, but if this were to occur to me, I'd go into court and argue for me. Courts are sympathetic to preventing the use of liquidated damages for punitive purposes. So the argument is ripe to be made. Again, I'm not (yet) licensed to do this for you, but I can do it for me.
I am a licensed broker, and if I can help you with any real estate matters please feel free to call me. Thanks
I was recently told that FNMA and HUD were selling off homes to insiders. I didn't believe it and I'm not a conspiracy theory kind of person, but I do advertise Homepath and HUD properties as my local rules allow it. I have noticed that about 1 in 10 homes listed from government entities generally come off the market without there ever being a sale noted in the MLS or on the government website. However, when you check the grantor/grantee index a few weeks later you can see a transfer of title. Usually to an LLC with the same name as the property address.
I don't fully understand it and I'm not quite sure whatâ€™s going on, but it smells fishy to me.
Fannie Mae and HUD and VA all have programs in place to make their foreclosure offerings more attractive to home owners rather than investors. Their purpose is to keep that housing in the owner occupied market. I'm hoping for your sake that the property remains available to you after the inital 15 day owner occupant offering as I think it is incredibly thoughtful of you to set in motion a series of events that will make it possible for your daughter to step into the real estate market as soon as she is able!
Maryanne Moody, Realtor
It would seem to me once I own a property free and clear there should be no strings attached. Am I living in the United States ????
Government family rule says that a person's relationship with government is far more important than that person's relationship with their family (e.g. Sharon Vest's relationship with her daughter). This socialism 101 and is by design meant to be anti-family.
So, because: 1. Uncle Sam hates it when people make a profit, 2. owner-occupants are lined up to buy foreclosed houses, 'cuz they're always in such great shape, and, besides, homeowners have lots of money to fix up any small stuff, and 3. Uncle Same likes to pound square pegs into round holes and wants to treat evil capitalists the same as folks contemplating retirement, then -- all the generous parents, vacationeers and imminent retirees out there get treated like evil investors, and their money is no good for 15 days.
You may not like the rules, but they are there for a reason. The reason is to allow individuals to buy a house to live in without speculators buying everything before others could get a chance to bid.