Will foreclosure owners such as banks, Savings and Loans, credit unions, insurance companies and pensions provide financing?
In some cases the answer is yes. In other words, when considering foreclosures see if purchases can be seller financed even if the seller is a big institution. 9. Would it make sense to buy a foreclosure as a residence and then rent out your current home? Lenders are now instituting new rules that constrict such plans. As one example, the FHA recently introduced a buy & bail rule designed to prevent owners from buying new homes and abandoning old ones. Under the new standard you will likely need a lease, deposit and a month’s rent before you can get an FHA loan for a replacement property. The problem is that it may be impossible to meet such new requirements until the original property has actually been vacated and prepared for tenants. Look for private-sector lenders to adopt similar rules. 10. What do local laws say? New regulations in many states have been designed to prevent the abuse of those facing foreclosure. While well-intended, some of these regulations are very broad and the
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