The following information is extremely important!
HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT
HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at
Use the search parameter "HUD" and the keyword “safe”. Please review and comment regarding the impact of this broad interpretation of the law.
“In addition to establishing HUD’s responsibilities under the SAFE Act, through this rule, HUD proposes to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States. HUD solicits comment on the proposed clarifications and on the regulations proposed to be codified."
History:
As you may recall, we lobbied hard last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc... However, that law was passed subject to the Department of Housing and Urban Development's (HUD) approval of the law as "compliant" with the intention of the federal law. If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state. HUD has since issued proposed rules. In a nutshell, seller financing would no longer be allowed for non-owner occupied homes.
How YOU can help:
PLEASE SUBMIT YOUR COMMENTS TO HUD! We have less than one week to flood this system with comments.
Follow these simple steps:
1. Logon to ou will see two white boxes for searching
2. On the left box labeled "Document Type", pull the menu down and select "proposed rules"
3. On the right box labeled "Enter keyword or ID", enter "safe mortgage". Then, press search
4. Locate the blue search result "FR-5271-P-01 Safe Mortgage Licensing Act: HUD Responsibilities Under ...." To read the rules, click on this title. You will be taken to another page. You will see "views". You can click on PDF file or another symbol which will show you the rule document online.
5. On the right of the screen, click on "submit comment"
6. Complete the form providing required information and your comments and then submit
What do you say?
Say what you feel, but say it politely! The message should include that you would like the definitions in the proposed rules to be changed so that private individuals can originate and service loans on properties they personally own. Some ideas from others:
• bank loans are not available on some types of properties
• the tight lending climate has made bank financing "out of reach" for many
• seller financing is an "age old" tradition based on private property rights
• these rules would prohibit even partial seller financing - i.e. a "seller second"
• according to HUD's "Residential Finance Survey" in 2001, roughly 40% of all non-farm residential properties in the US are owned free and clear
• an estimated 6 million Americans own a property other than their own primary residence
• an estimated 4.5% of Americans own three or more properties, many purchased solely as investment properties
• 40% of non-owner occupied residences are mobile homes which are more difficult to sell with bank financing
• approximately 5% of homes in US are for sale or for lease... seller financing may be key to liquidating this inventory
The continued success of our industry as we know it is threatened by these proposed regulatory changes. Please do not hesitate to follow the steps above and make your voice heard.
Bulk REO Profits </td></tr><tr style="height: 266.25pt"><td style="border: medium none #f0f0f0; padding: 1.5pt; height: 266.25pt; background-color: transparent">
How To Access The Funding Of A Highly Respected Hedge Fund To Buy, Sell And Profit From REO Packages Without Using Your Own Money or Credit... ...The Economic Meltdown In America Means More Foreclosures Are On The Market Than Ever Before, Yet "Little" Investors Are Being Beaten To The Punch On The Very Best Deals By Big Investment Funds Who Can Afford To Buy Up REO Properties (Foreclosures) In Large Numbers. The Key Is Funding and Credibility - And Now, A Highly Respected Hedge Fund Manager Who Has Been Featured In The Wall Street Journal, Investor's Business Daily and Other Highly Reputable Publications Has A Formula For Allowing You To Profit Using our Private Funding And Credibility... That Formula Will Be Explained On A Special Webinar Monday, Tuesday, & Wednesday 8:00 P.M. Eastern 7:00 Central www.GetCashAtClose.com </td></tr></tbody></table>
Anyone looking to generate easy extra income needs to know why a...
Texas Man Charged With 26 Counts Of Bank Robbery Walks AwayWith Millions of Dollars Scot Free!An investigation into the practices of this Texas man reveals that he has done nothing wrong. In fact, his strategy for robbing banks is 100% legal and has made him millions of dollars.
He has now agreed to come forward and disclose exactly how he did it and how you can do the same thing and put $25,000 in your pocket each and every month for the rest of your life! No Credit on your part.
Once in a lifetime opportunity for ordinary people
Anyone can do this regardless of age, gender, background, or education. Many ordinary people just like you. Some have never graduated from college, others hold Ph.D’s. Some are doctors, lawyers, and engineers...others are mechanics, salesmen, and nurses.What’s more, you can do this part-time in less than 5 hours each week, so you don’t have to quit your current job or profession – until you’re ready. It doesn’t require you to hire employees, rent an office, stock inventory, attend meetings. Now, I know that sounds too good to be true, and I don’t blame you for being skeptical. But I’m prepared to prove it to you, so please hear me out and Click Here for more information.
Mutual Success,
Craig Cooper
Diverse Capital, Inc
Use our program in all 50 states.
Use our No Down Payment Program to eliminate down payment requirements on your end buyers.
Get full access to our various Flipping Courses as part of your membership.
You get access to our weekly training webcast that teach you how to become a Short Sale expert in the next few weeks.
Craig C.
Diverse Capital, Inc
| Website: | http://www.GetCashAtClose.com |
| Phone: | 800-679-7042 |
| Fax: |
Become Craig Cooper's Colleague Subscribe to this Blog Subscribe to this Blog by email
Categories
- BULK REO (1)
- Seller Financing (1)
- Uncategorized (2)
Archive
- February '10 (1)
- February '09 (1)
- November '08 (2)
Recent Posts
Recent Comments
- "Looks like he's just promoting some MLM. I wouldn't expe..."
from Joshua Dorkin, on Bulk REO TRAINING & Funding - "Please provide more details. Have there been any deals cl..."
from Lloyd, on Bulk REO TRAINING & Funding - "Care to offer more details, Armando?"
from Joshua Dorkin, on Bulk REO TRAINING & Funding - "These guys are spammers
"
from Armando Williams, on Bulk REO TRAINING & Funding - "Have you guys ever closed on any packages? Could you ple..."
from Joshua Dorkin, on Bulk REO TRAINING & Funding