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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Note purchase opportunity Posted by JK (the other JK) on April 07, 2009 at 7:44 AM In Reply to: 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 A sale will have taken place (you'd be buying the property from foreclosure sale for the minimum amount due), but FHA has an exemption from the anti-flipping rule for lenders so you would be fine. Follow Ups: 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 : A sale will have taken place (you'd be buying the property from foreclosure sale for the minimum amount due), but FHA has an exemption from the anti-flipping rule for lenders so you would be fine. [ 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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