OfflineI am looking at a property and in the broker remarks I see the following:
SUBJECT TO 24 CFR 206.125
what is this? can someone help me understand should I keep my eye open for something in specific with this?
Thank you
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SUBJECT TO 24 CFR 206.125 what is this???
Posted on: Wed, 01/11/2012 - 13:33
SUBJECT TO 24 CFR 206.125 what is this???
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- by juandavid
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Hi, Juan,
That just means that the lender got the property back from the owner, either through a reverse mortgage or deed in lieu of foreclosure. I'm not sure why the broker would include this in the contract, as I'm not sure it'sapplicable to you. Check with your attorney to be on the safe side. Good luck.
TAHNK YOU!!!
refers to the Code of Federal Regulation - Title 24: Housing and Urban Development; Acquisition and Sale of Property.
The property was probably a foreclosure, but the past owner still has rights under this regulation to take the house back if he is willing to pay all monies due...
Valerie
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