I recently received the following information from Dyches Boddiford via the Metrolina Real Estate Investors Association of Charlotte. The elimination of the ability to sell property using seller financing is a drastic blow to anyone who owns real estate or may need seller financing options to purchase property. Please let you voices be heard by contacting your Senator today!
Please call, email, write your Senators Today!
Tell them we need them to vote against HR 1728 Sec 101(3)(E)
Let’s Not Lose Owner Financing!
June 5, 2009
From: Dyches Boddiford , www.Assets101.com
Pete Fortunato recently brought this Bill to my attention. It has already passed the House of Representations and has been sent to the Senate. If it passes in its current form, it will restrict owner financing to once every 36 months (HR 1728 Sec 101(3)(E)). While this may not be much of a problem when we get owner financing from sellers, it severely restricts our ability to sell with owner financing.
Though the bill mainly deals with amendments to Truth-in-Lending for mortgage brokers and banks, this one section could reap havoc. This could limit not only your sales where you take back a mortgage, but your lease-options and land contracts as well.
Click here for the latest version of the Bill. All owner carryback financing should be exempted from this bill. As one commentator noted, if this is left as is, it is a taking of private property rights. We can wait for someone else to fight it, but as for me, I am contacting my Senators today to let him know what I think. I suggest you do the same.
You can find and contact your Senators here. Keep it short and to the point, but let them know your thoughts! Pass this eBrief along to your investor friends.
Good investing until next time,
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