4 Grassmere Units for Sale on Realtracs.com: Mortgages via TN Bank and Trust
September 25th, 2009
It appears, however, that current homeowners will not be able to take advantage of TB&T’s lenient mortgage policies. It is obvious FHA approval isn’t going to happen so there is still no option for current homeowners who wish to move. The units are listed at full price, I’m not sure who in their right mind would by a condo in a foreclosed, broke complex at full price.
I talked to Ed Cagle, the VP of TN Bank and Trust and present at our board meeting, and he transfered me to a mortgage specialist working the FHA issue and conventional loans for our complex. Currently, they still have no secondary market financing (FHA and conventional), but he said they are continually working on getting those approved but in the meantime, they are exploring portfolio mortgages where TN Bank and Trust would be the direct lender and they cannot resell the note. As such, interest rates may not be as attractive.