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#1
08-04-2007, 03:00 PM
Hummer Authority
Join Date: May 2006
Location: South Western PA
Posts: 1,433
Re: Mortgage Times
ERA Mortgage (PHH) has come out with an REO purchase product in the past week or so. Havent tried it out yet. But they still want everything functional in the property before settlement.
There is a need for a good loan product to allow people to buy these REO's, but as evidenced by the lack of such a product, it is likely its not a viable risk for the lenders to take.
The hard money guys in town are an option but they are only short term high interest rate loans and do not want to hold for more than 6 to 12 months.
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"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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