I can't believe all of the mis-information and hoopla this is causing. Rumblings all over assert that FHA's entire 90-day ownership period was totally waived, and it is SO not true. Lenders are acquiring properties by negotiating a deed-in-lieu rather than foreclosing. This means that the waiver applies to foreclosures, deeds-in-lieu, and any other means that a "mortgagee" may use to acquire the property from the owner.
Property Flipping 90-day Rule Change - The Real Information
(Waiver of Requirements of 24CFR 203.38a(b)(2), June 9, 2008)
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