Help....Investor Moretorium?

Help....Investor Moretorium?

Hello. I am trying to buy a home in forclosure. Auction scheduled for THURS-tomorrow has been cancelled (as of today). ReconTrust & Attorney told me it was cancelled due to: Investor Moretorium Hold

What is this?

Note: Home is abandoned since 2007. Owner has no interest in home.

Please help. Can we make an offer still? Or short sale?

__________________

~~~~~~ Praying for our dream house ~~~~~~


KariNmike...

KariNmike wrote:
Hello. I am trying to buy a home in forclosure. Auction scheduled for THURS-tomorrow has been cancelled (as of today). ReconTrust & Attorney told me it was cancelled due to: Investor Moretorium Hold

What is this?

Note: Home is abandoned since 2007. Owner has no interest in home.

Please help. Can we make an offer still? Or short sale?

Hi KariNmike,

I was looking up the definition of moratorium and this is what I found;

1 a: a legally authorized period of delay in the performance of a legal obligation or the payment of a debt
b: a waiting period set by an authority

2 a: suspension of activity

Maybe you should ask them what that means to them exactly. Hope this helps Eye-wink

__________________

Heather

"I can do all things through Christ who strengthens me" Phil 4:13


Investor Moretorium - from Tony in Dean's Office

ReconTrust is a member of the Countrywide "family" of companies. The Bank of America is soon to formally absorb Countrywide. Countrywide is also sitting on a very large foreclosure inventory which Bank of America will begin to release for sale over the next few months.

As for the moratorium, well one was ordered on all foreclosures while the banks and the big boys like Fannie and Freddy, waited to see how the new administration was going to deal with the crisis.

On March 31, 2009 Fannie Mae and Freddie Mac quietly lifted their 3 month moratorium on releasing foreclosures for sale. Fannie and Freddie are sitting on about 50% of the country's foreclosed properties and are about to begin releasing them for sale.

I have NO idea why they are telling you what they are telling you, but I would immediately ask the holding company whether you can still make the purchase offer today or at some point in the future. Get specifics. It could have something to do with the absorbing between CW and BofA...on a much rarer chance, it could be the former owner, or someone with interest has requested a chance to save the loan, but that in my judgment is unlikely.

__________________

An hour of effective, precise, hard disciplined thinking can be worth a month of hard work. Empire builders spend hour-after-hour on mental work while others party. Then after the thinking...they take action.


Have any other buyers come

Have any other buyers come across this?

I spoke with a lady who is purchasing a forclosure (non-habital arson home) and her auction was cancelled too......for the same reason last week.

I am hearing this is a new Obama thing passed to delay forclosures.

__________________

~~~~~~ Praying for our dream house ~~~~~~


Policci

Thanks for the info. I am going to keep on calling Countrywide and still push my cash offer. I spoke to a woman in the short sale dept today and I am waiting for her to call me back. She could not find information about the hold and emailed someone for more info.

But, does a short sale wipe out secondary mortgages?
If not, I may have to just hang on until an actual forclosure.

__________________

~~~~~~ Praying for our dream house ~~~~~~


do you live in rhode island? this is what i found...

Assembly puts foreclosure moratorium bill on hold
6:31 PM Tue, Mar 24, 2009 | Permalink
Lynn Arditi Email
PROVIDENCE, R.I. -- Legislation to create an 180-day moratorium on all foreclosures in Rhode Island has been taken off the General Assembly's agenda -- at least for now.

A hearing scheduled on the bill, 2009-S 0250, for Tuesday afternoon was canceled at the request of its lead sponsor, Sen. Charles J. Levesque, D-Portsmouth, Bristol, after bank and mortgage company lobbysts agreed to work with him and the bill's other supporters during the next two weeks to draft alternative legislation.

The moratorium was an "emergency measure" designed to give the General Assembly time to craft legislation to require judicial review of foreclosures and give at-risk homeowners time to renogotiate their loans.

"The moratorium was a very dramatic statement of concern," Levesque said, "and it has had the effect we wanted it to have: The lending institutions are speaking with us."

Another bill, 2009-S 0606, to require Rhode Island Housing Mortgage & Finance Corp. to wait five years before selling any properties the agency buys at tax sale, also was taken off the table Tuesday pending alternative legislation. (The tax-sale bill, introduced by Sen. Harold M. Metts, D-Providence, was designed to give the original owners more time to reclaim the property.)

Lobbysts for the mortgage and banking industry have agreed to work toward drafting more comprehensive legislation to address the "plethora of foreclosures" and the tenants who are being forced from their homes because their landlords are losing the properties, Levesque said.

The parties will have until the General Assembly goes into recess in mid-April to come up with alternative legislation, Levesque said, or the foreclosure moratorium bill could be back on the table.

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Anita
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Hmmmm

No. I am in ARKANSAS.

I wonder if these things are nationwide. I found an article online similar for CA but, it stipulates it is for CA residents, who must occupy residence, and non-bankruptcy.

My house is not CA, is abandoned (with letter of abandonment), and a bankruptcy.

I'm gonna keep researching.

__________________

~~~~~~ Praying for our dream house ~~~~~~


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