metro1: Are You Buying A Foreclosure Home? Does it have a Tenant in it?
- 02/04/10 10:01 PM
If you bought a foreclosure home and intend taking immediate possession, think again. Under the Protecting Tenants at Foreclosure Act of 2009 (S. 896), signed into law on May 20, 2009, tenants, including section 8 tenants, must receive at least 90 days notice before they have to vacate the property. More specifically, If (1) you intend to use the foreclosed property as your primary residence, or (2) the tenancy is month to month, or even if (3) there is no lease at all, then the tenant is entitled to at least 90 days notice. And If one of the above 3 conditions is … (6 comments)
metro1: NOTICE TO BUYERS - CHANGE IN FHA FINANCING
- 01/22/10 02:11 AM
Nothing lasts forever. Great rates, great financing terms, Stimulus money. At some stage these all disappear. FHA entry terms just tightened (Jan 21, 2010): it announced yesterday new policy changes to strengthen it’s capital reserves and protect itself from rising defaults. The most significant changes include: (1) increasing the amount of up-front cash paid by all new borrowers and (2) requiring much higher down payments from those with the poorest credit. The FHA will increase MIP (mortgage insurance premiums) that borrowers pay upfront at closing from 1.75 percent to 2.25 percent of the loan value. Most FHA borrowers will continue to make … (0 comments)
Short Sales - Apartments - National Association of Realtors … (0 comments)
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