Scanlon and Pinto Attorneys at Law
Scanlon & Pinto Real Estate Clients & Colleagues
-
James ferebee jr
- Male
- Louisville, KY
- United States
- Share
- Blog Posts
- Discussions (3)
- Events
- Groups
- Photos
- Photo Albums
- Videos
James ferebee jr's Discussions
Countrywide throws dirt in the ball game by adding a no transfer of title 30 days after short sale
6 Replies
Started this discussion. Last reply by Kathleen A. Scanlon, Esq. Jun 18.
James ferebee jr's Page
Latest Activity
As an update to seeing little restrictions popping up in short pay approval letters...We have a short sale/land trust deal going and got our approval from GMAC. I noted the following language in the short sale approval letter:
"This transaction m...
James whatever happened with this?
Kathleen
Title will also have a hard time with that language - tell them title will not insure with that language because they cannot prevent you from transferring the property after the fact.
Further, tell them it is unenforceable as a restraint on alien...
P.S. they tell me that they did contact their legal dept..
Here's a good one the files that Tracey from NW Foreclosure Advisors will not have that verbage in there..
I just received an approval from him a few min ago and the verbage is not in the...
So what do you think?
I should go on and close anyway and just tell them that I am reselling?
Besides it's in my contract that I will lease, trade, sell, or list the property.
So I have told them upfront...
Jim
I think this is a product of the Countrywide Loss Mitigation Department and created without consulting their legal department. It appears, at first blush, to be unenforceable as a restraint on alienation. Further, you, as investor, have no privity...
This really sucks that countrywide adds a clause that if title is transfered within 30 days of the short sale the title company must report this to C/W.
Jim
Profile Information
- What is your Profession?
- real estate investor, loss mitigation
- What are you interested in?
- foreclosures, flipping, REOs, short sales, loan modifications, buyers, sellers, wholesaling, commercial, residential
- What is the name of your company?
- MyHomeSolutionsAndFinancial, LLC
- What is your position?
- Managing Member
- What is your location (city, state)?
- Louisville, KY
- Phone Number?
- 502.933.5586
- Fax Number?
- 502.290.6975
- Website?
- http://www.myhomesolutions.info
- Tell us about yourself:
- Well I have been a full time investor for 2 years now specializing in pre-foreclosure and short sales and subject to investins. Have done 50 short sales to date and still going.
Uses an outsoursing company when I have too many otherwise I work the deals myself.
Jim
About
A site for clients & colleagues to ask questions, form relationships and discuss cutting edge real estate issues, practices & techniques
LEGAL NOTICE
This Web Site provides general information only and cannot be relied upon as legal advice. Laws change over time and differ from State to State. Applicability of the legal principles discussed may differ substantially
in individual situations. You should consult an attorney about your particular situation. New York does not certify specialists in the law,
and we do not claim certification in any listed areas.
in individual situations. You should consult an attorney about your particular situation. New York does not certify specialists in the law,
and we do not claim certification in any listed areas.
FOLLOW US!
Twitter Updates
Badge
© 2009 Created by Kathleen A. Scanlon, Esq. on Ning. Create a Ning Network!
