Question? what would happen if the buyer wants to buy the home as a 2nd home? I don't believe this would fall under investor purchase so would this considered to be legal if an agent represents this particular buyer
Here is the law - http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1695-1695.17
Here are the definitions - in part: 1695.1. The following definitions apply to this chapter:
(a) "Equity purchaser" means any person who acquires title to any
residence in foreclosure, except a person who acquires such title as
follows:
(1) For the purpose of using such property as a personal
residence.
(2) By a deed in lieu of foreclosure of any voluntary lien or
encumbrance of record.
(3) By a deed from a trustee acting under the power of sale
contained in a deed of trust or mortgage at a foreclosure sale
conducted pursuant to Article 1 (commencing with Section 2920) of
Chapter 2 of Title 14 of Part 4 of Division 3.
(4) At any sale of property authorized by statute.
(5) By order or judgment of any court.
(6) From a spouse, blood relative, or blood relative of a spouse.
(b) "Residence in foreclosure" and "residential real property in
foreclosure" means residential real property consisting of one- to
four-family dwelling units, one of which the owner occupies as his or
her principal place of residence, and against which there is an
outstanding notice of default, recorded pursuant to Article 1
(commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of
Division 3.
(c) "Equity seller" means any seller of a residence in
foreclosure.
(d) "Business day" means any calendar day except Sunday, or the
following business holidays: New Year's Day, Washington's Birthday,
Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans'
Day, Thanksgiving Day, and Christmas Day.
(e) "Contract" means any offer or any contract, agreement, or
arrangement, or any term thereof, between an equity purchaser and
equity seller incident to the sale of a residence in foreclosure.
(f) "Property owner" means the record title owner of the
residential real property in foreclosure at the time the notice of
default was recorded.
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2 comments:
A second home loan allows you to borrow on the basis of your home equity. The equity is the difference between the current appraised value of your home and the amount you have paid towards the first mortgage.With most lenders, you can take a second loan such that the total loan-to-value ratio of your first and second loan is equal to 85% of the home's appraised value. However, there are lenders in almost all states excepting Texas and West Virginia who allow you to take out second mortgages equal to 125% of the appraised value.Toronto Lofts
it looks like you have already decided that you won't be doing a repayment plan, and the special forebearance until sold it not going to work for you either, so the only other option is foreclosure.First of all, I am not an attorney and you should seek legal advice but here are things that you could do based upon what others have done..fake rolex
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