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Posted on February 5 at 7:42 p.m.
In this situation, I certainly hope the County sticks to its guns. It would be a small step towards regaining the immense amount of credibility it lost in its impotent management of this program. Why didn't the County simply buy the property back for 257,000 and restart the process with a qualified buyer? The original owner and MorEquity deserve to be left holding the bag for violating the program requirements. If they do, it might discourage other lenders from engaging in the same practice. Until the County demonstrates an ability to enforce program requirements, lenders, owners and potential buyers will keep trying to bend the rules, and qualifying families will continue to be left out in the cold.
On Affordable Homes Tug-of-War