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News You Need To Know
Senate Bill HR 1728 Takes Aim At Creative Real Estate Financing
Real Estate Investors and professionals should be aware that HR 1728 has passed the House and is currently awaiting a vote in the U.S. Senate. This bill takes aim at creative real estate financing and if passed would severely limit or prohibit the way real estate investors do business.
If passed, this bill would effectively prevent real estate investors from using a variety of commonly used seller-financing tools such as selling properties with owner-carry back, or wrap-around mortgages, selling properties using land contracts or contracts for deed, selling properties using a lease to-own option and even possibly, borrowing private money to purchase properties.
In addition, the bill proposes that unless an investor restricts their real estate transactions to 1 every 36 months they would be deemed a “mortgage originator” and subjected to tough, new lending standards. The major obvious concern for real estate investors is that passage of HR 1728 cracks open the door to the government’s involvement in private business and personal property with their restrictions and limitations.
The spirit of HR 1728 (Mortgage Reform and Anti-Predatory Lending Act) is admirable, but unfortunately this bill infringes on real estate investors ability to do business. The passage of this bill would not only affect investors, but also those in the industry of servicing real estate investors, such as real estate brokers, mortgage brokers and lenders.
As a service to their customers, Entrust Administration, Inc. will continually monitor the situation and provide news briefs to investors seeking current information on the bill.
If you are interested in receiving up-to-date information regarding HR Bill 1728 contact Yvonne Garcia at YGarcia@TheEntrustGroup.com
updated June 12, 2009
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