Specialist · Springfield, IL · Member since 2011 · 700 posts · 479 votes
13y
Bear in mind that what Rachel H. wrote about and provided links to is proposed legislation - not law.
If you want to become law, You need to get involved by writing your Senators and your Representatives and encouraging others to do the same.
Passing this bill into law will be an uphill battle and MHI needs all the grass roots support it can get. If you don't get involved and the bill fails, you have no one to blame but yourself.
Investor · Vincennes, IN · Member since 2013 · 223 posts · 108 votes
12y
Wow. I hope you took a breath in between paragraphs. I personally would not see a problem complying with any of that. In fact, it would tend to support a prudent business model. Some items I would even venture to be a little more conservative in (e.g., 15 years is plenty long to drag out a sub $20,000 note.) I probably would not be in favor of a full 30 days notice for default, but then again that comes from my point of view as a collateral holder.
The majority of us could and should handle all of that, especially if it would free us to originate and service our own note portfolio, which imo is what may strangle the actual preservation of affordable manufactured housing for the majority of low income earners.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
Well, it's my opinion of fairness, the CFPB has not asked be to simplify the guidelines. 30 days notice is pretty standard for taking someone's home, the loophole is some states is that with chattel liens as if you were taking their car or an RV trailer. I'd say in fairness there is a difference and it should be along the lines of foreclosure of conventional stick built dwellings.
Most of that is fannie mae and with the loan amounts taken into consideration. Nothing off the wall really. :)
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
12y
I'll bet the support will continue to grow by everyone with an (R) by their name and when it get's to the list with the (D's) it will fall flat, besides, I doubt you know who would sign it in it's present form.
It's hard enough keeping up with stuff as it is without getting involved with what might be, I don't really go there, but by all means let your feelings be known if it floats your boat.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
11y
@Leslie A. At the moment, I do not know the exact date. It's nice to hear they are garnering support in both the House and the Senate. If I hear of anything, I'll be sure to keep this thread updated. Thanks for your support!
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
10y
It passed the House. Waiting to see how it does in the Senate. There was a video on the event but I can't find it anymore. Sent it out to my email subscribers awhile back. Hope that helps!