Comments on: REALTOR.com report shows mixed view of homeownership http://prescott-area-foreclosures.com/wordpress/realtorcom-report-shows-mixed-view-of-homeownership/ Foreclosure, REO, and short sales in Prescott, Prescott Valley, Chino Valley, and Dewey-Humboldt Fri, 03 Sep 2010 19:49:53 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Patrick Schutte, Certified Foreclosure Specialist http://prescott-area-foreclosures.com/wordpress/realtorcom-report-shows-mixed-view-of-homeownership/comment-page-1/#comment-89 Patrick Schutte, Certified Foreclosure Specialist Tue, 31 Mar 2009 13:41:43 +0000 http://prescott-area-foreclosures.com/wordpress/realtorcom-report-shows-mixed-view-of-homeownership/#comment-89 I think you are referring to the FHA rule about 90 day seasoning. It was waived last year for a year: Waiver of Requirements of 24 CFR 203.37a (b)(2) Pursuant to §7(q) of the Department of Housing and Urban Development Act (42 USC 3535(q) and 24 CFR 5.110, I hereby waive §203.37a(b)(2) of the regulations. That regulation prohibits a mortgage from being insured by FHA if the sale of the property that will be the security for the mortgage is within 90 days of acquisition by the seller. This waiver is limited to a sale within the 90-day period if the property is acquired through foreclosure, and is effective for a period of one year. Here's the full text: http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/PRESS/PROPERTY_FLIPPING_WAIVER/PROPERTY%20FLIPPING%20WAIVER%20REQUEST.PDF I think you are referring to the FHA rule about 90 day seasoning. It was waived last year for a year:

Waiver of Requirements of 24 CFR 203.37a (b)(2)
Pursuant to §7(q) of the Department of Housing and Urban Development Act (42 USC 3535(q) and 24 CFR 5.110, I hereby waive §203.37a(b)(2) of the regulations. That regulation prohibits a mortgage from being insured by FHA if the sale of the property that will be the security for the mortgage is within 90 days of acquisition by the seller. This waiver is limited to a sale within the 90-day period if the property is acquired through foreclosure, and is effective for a period of one year.

Here’s the full text:

http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/PRESS/PROPERTY_FLIPPING_WAIVER/PROPERTY%20FLIPPING%20WAIVER%20REQUEST.PDF

]]> By: Robert Urban http://prescott-area-foreclosures.com/wordpress/realtorcom-report-shows-mixed-view-of-homeownership/comment-page-1/#comment-87 Robert Urban Tue, 31 Mar 2009 12:14:36 +0000 http://prescott-area-foreclosures.com/wordpress/realtorcom-report-shows-mixed-view-of-homeownership/#comment-87 What is the current climate regarding the seasoning issue and REOs. In the past, lenders usually required some signifcant amount of time to pass before a new owner could sell the property. With the glut of REOs in the lenders' inventories, has there been any trend toward reducing the "seasoning" period in the case of REOs? Thanks What is the current climate regarding the seasoning issue and REOs. In the past, lenders usually required some signifcant amount of time to pass before a new owner could sell the property. With the glut of REOs in the lenders’ inventories, has there been any trend toward reducing the “seasoning” period in the case of REOs? Thanks

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