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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Note purchase opportunity Posted by Spencer on April 07, 2009 at 12:03 AM In Reply to: Note purchase opportunity posted by Gerald in OC on April 07, 2009 at 7:11 AM Gerald, Correct, you can continue the foreclosure without having to restart the process. I would highly suggest being in contact with the foreclosing trustee ASAP so they don't drop the file (it happens during assignments). You are exempt from the FHA flipping rule because you are the foreclosing lender, although you might run into some snags here/there with underwriters who think you need to be a chartered/registered lender (happened to me more than once). Good luck, Spencer : 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: Good post... Rick the Probate Guy 4:12 PM, 04/07/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Gerald, : Correct, you can continue the foreclosure without having to restart the process. I would highly suggest being in contact with the foreclosing trustee ASAP so they don't drop the file (it happens during assignments). : You are exempt from the FHA flipping rule because you are the foreclosing lender, although you might run into some snags here/there with underwriters who think you need to be a chartered/registered lender (happened to me more than once). : Good luck, : Spencer : : 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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