The temporary new policy will expand access to FHA mortgage insurance is meant to allow for the quick resale of foreclosed properties.

Effective February 1, 2010, FHA, while maintaining what the release describes as “very strict conditions and guidelines to assure that predatory practices are not allowed” will temporarily waive the 90-day owner seasoning period. 

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From the Office of the Attorney General of the State of Maryland:

Under section 7-311(d) of the Real Property Article, the General Assembly requires foreclosure purchasers to “make a detailed accounting of the basis for payment made to the homeowner of a property resold within 18 months after entering into a foreclosure reconveyance agreement.” A “foreclosure purchaser” is a “person who acquires title or possession of a deed or other document to a residence in foreclosure as a result of foreclosure reconveyance.

The accounting is required to be “on a form prescribed by the Attorney General in consultation with the Division of Financial Regulation and shall include detailed documentation of expenses and other consideration paid by the foreclosure purchaser and deducted from the sale price.”  For a copy of the form click here or call the Consumer Protection Division at (410) 576-6556.

For the complete law about foreclosure counseling, who may be construed to be a counselor and what that means to the end buyer on a resale or flip, click: Maryland Library & Information Service.  This will connect you directly to the statute beginning at section 7-301. The applicable sections run through 7-321.