Ban on Forclosure-recue transactions

[ms. cashflow]

This was in the Boston Globe yesterday.





http://www.boston.com/business/ticker/2007/06/foreclosure_res.html

Marlene

[PMCS]

Interesting read -- especially the last paragraph where it says "to make it illegal . . . to provide credit when it is not in the interest of the homebuyer or an existing homeowner who is refinancing a property." Hmmm, me thinks that will open up a new realm of government interpretation of what is in the consumer's interest. Perish the notion that we be allowed to think for ourselves.

Thanks for posting the article.

[Jim FL]

PMCS,
I read the article too.
The last part was really the only part that concerned me, for the same reason(s) you stated.

Sadly, I've read on many website forums, investors posting about laws, and bans such as this, in several states.......and many of them seem to think these laws prevent investors from buying homes facing foreclosure.
This ban mentioned in the article seems to clarify for me one simple rule........when you buy a house from someone in foreclosure, no matter what method you use to buy, DO NOT allow the seller to remain in the property.

Notice the link to the AG's website.
From there, you can read the language in the ban.
Pretty straight forward, and frankly, not a bad idea, in my opinion.
I just don't like it, because as we all know, its really about politics, and who knows what they'll attempt to regulate next, and how.

Anyway, my two cents,
Jim FL

[kkemper]

Check Texas RE investment laws; if it has
not been changed, one may not obtain a 2nd mortgage for investing. Only for home repairs!
Do not lend.........hmm
that almost means these upcoming elections
might have some purpose afterall; change
idiocy!

[kkemper]

group:
how many of you actually looked at the
new law for savings Foreclosure?


I think we all misread it.

Their law says that no one may TAKE over
a deed without being responsible for the
mortgage too!

I was asked about that 2 yrs ago when a client
had a $ problem. I asked the helper
"how is my client protected?"

Oh when we sell the house, their
mortgage is paid off.

And if you don't sell it?

Excuse me but we have other appointments
to get too........bye.

which means they wanted on the deed
but not on the obligation. THat is
fradulent and a scheme. Realtors
and Brokers must protect our
clients and home owners must have a deed
as the benefit of the obligation of
a mortgage!

Several of those 'fixers' of mortgages
have been jailed and their response was
"well the owner did not have to agree to
our deal!"

If, on the other hand, a lender had come to the
property owner and offered a new first
or second mortgage to bring the payments
up to date, that is totall legal and permitted.

OR the owner can sell a % of the house
to an investor to get caught up!!!!

Anyone disagree with my perspective???

[stallingsorg]

go ahead and try to convince desperate (cynically called “motivated”) sellers like those facing foreclosure into signing fraudulent, one-sided, unfair and disastrous agreements. go ahead!!!!

:mad: it’s the tool of the deed thief, equity skimmer, and foreclosure rescue scam artist.

EVERY SINGLE legal organization, real estate trade group, consumer watchdog agency, legal aid society, law enforcement agency, and the rest from coast-to-coast say one thing in a very loud voice.:praise: :SM049: :grin:

2008