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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Note purchase opportunity Posted by Gerald in OC on April 07, 2009 at 7:11 AM I have a chance to buy the 1st position note on a small 3 bed/2 bath vacant house in Ontario, CA. The foreclosure process has already been started and the Trustee Sale is scheduled for next week. I understand that, as the new beneficiary of the note, I can continue the FC process that is already underway. Is this correct? I don’t have to start all over again, do I? Second question is, let’s assume that no one buys it at the trustee sale and the property reverts back to me as the beneficiary. Since a sale is not taking place, can I avoid the 90 day FHA anti-flipping rule? Thanks for the help, Gerald Lemoine Follow Ups: Bought the note - now wait for the sale Gerald in OC 10:31 PM, 04/08/09 (0) Here's the official FHA ruling... CC in OC 3:00 PM, 04/07/09 (2) Waiver only good to 6-9-09 Ward-CA- 10:55 PM, 04/08/09 (1) Re: Waiver only good to 6-9-09 CC in OC 9:18 AM, 04/09/09 (0) Re: Note purchase opportunity Spencer 12:03 AM, 04/07/09 (1) Good post... Rick the Probate Guy 4:12 PM, 04/07/09 (0) Trimark Funding... CC in OC 9:28 AM, 04/07/09 (0) Re: Note purchase opportunity JK (the other JK) 7:44 AM, 04/07/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a chance to buy the 1st position note on a small 3 bed/2 bath vacant house in Ontario, CA. The foreclosure process has already been started and the Trustee Sale is scheduled for next week. I understand that, as the new beneficiary of the note, I can continue the FC process that is already underway. Is this correct? I don’t have to start all over again, do I? : Second question is, let’s assume that no one buys it at the trustee sale and the property reverts back to me as the beneficiary. Since a sale is not taking place, can I avoid the 90 day FHA anti-flipping rule? : Thanks for the help, : Gerald Lemoine [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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