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|Author:||mtwildman [ 14 Feb 2010, 18:42 ]|
|Post subject:||One More Right About To Go WHOOSH|
Got this in an email today.
HUD Issues Dramatic Anti-Landlord 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 www.regulations.gov & use the search parameter "HUD" and the keyword “safe” OR Use this link:
HUD Safe Mortgage Act
For those of you who would rather poke your eyeballs out than read this here is the problem in a nutshell: "HUD's proposed rules in Section II F mention the sales of owner occupied residences as an exception to their proposed licensing law; however, there is no exception mentioned for non-owner occupied residential property. This would make it illegal to sell any non owner occupied property that you have With owner Financing, Land Contract, and maybe even Lease Options!
So any of you out there who own rental property, inherit property or want to sell any kind of property that you don't live in cannot do it unless you get a mortgage license. YES YOU READ THAT RIGHT, YOU WILL NEED A LICENSE TO SELL YOUR OWN PROPERTY! What's next a license to breath?
This is not a false alarm! We have researched and vetted this regulation in detail and have had our law staff investigate it well and they they have confirmed just how bad this regulation is. Please confirm this for yourself, google "FR-5271-P-01 Safe Mortgage Licensing Act" and you can see the alarm has been sounded.
Also, as you may recall, Investors's around the country 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, LIKE EVERYONE IN WASHINGTON THEY ARE IGNORING US SO WE MUST SHOUT LOUDER. In a nutshell, seller financing would no longer be allowed for non-owner occupied homes. Ouch!
How YOU can help:
We Just learned about the publishing of the rules very late in the process... and the deadline for comment is upon us on February 16, as usual they did this last minute to plow it through. So we desperately need for as many citizens who don't want to lose their right to sell their own property across the country to go on record with HUD on this issue. We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. This is your chance to be counted on this issue. IF IT PASSES I MIGHT TAKE A CONSTITUTIONAL CHALLENGE TO BEAT IT WHICH COULD TAKE YEARS!
STEP-1 PLEASE SUBMIT YOUR COMMENTS TO HUD AGAINST THIS & TO STOP THIS! We have less than 2 DAYS to flood this system to try stop this! Thank GOD for email!
Follow these simple steps:
1. Go to HUD Safe Mortgage Act
2. On the right of the screen, click on "submit comment".
3. Complete the form providing required information and VOICE your comments and then submit.
But Steve, what should I 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
STEP-2 Forward this to everyone you can! Ask them to help. We have power in numbers!
STEP-3 Contact your Federal Legislators and tell them to stop this! Find them here:
Find your Senator Here
Find your Congressman Here (put the zip code in)
Email, Call, or Write them but remember we don't have much time! We need to do it Now!
The continued success of Real Estate as we know it is threatened by these proposed regulatory changes. Not to mention your property rights are evaporating. Please do not hesitate to follow the steps above and make your voice heard.
We Must Take Action or we will lose our Rights! Please help!
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