The most recent issue of this e-newsletter reported that the federal foreclosure moratorium prevents junior lien holders from foreclosing if the first lien is federally insured. That is
incorrect. Junior liens can foreclose if the first lien is backed by Fannie Mae, Freddy Mac, FHA, USDA or
VA. Thanks to Matt Kelley of Special Default Services (http://www.trusteecorps.com/) for the correction.
In other foreclosure-related news, the following is an excerpt from G.
Edward Griffin's Need to Know News:
Matt Aitchison says a new law in California, SB 1079, will result in the State entering the real-estate-foreclosed home business, which essentially removes competition from investors, and could ultimately socialize real estate as a whole.
The new law permits eligible bidders, including tenants, families who plan to use the property as their primary residence, non-profits, land trusts and local governments to buy the homes, but they must pay up in cash when bidding. Under the new law, cities are allowed to fine owners $2,000 per day for blighted property. Because most people cannot pay cash for a home, that puts government
in the front of the line to buy the properties. Aitchison warns that this policy may spread to other Democrat-run sates.
Be sure to visit the Note & Real Estate News section below to learn more about what's happening in our industry.
Cheers, 𝐵𝒾𝓁𝓁
W. J. Mencarow
President, The Paper Source, Inc.
Note &
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