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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: HUD - Interpreting SAFE Mortgage Licensing ACT Posted by jmac on February 12, 2010 at 12:33 AM In Reply to: HUD - Interpreting SAFE Mortgage Licensing ACT posted by hard money lender on February 12, 2010 at 9:37 AM : i dont know how much this affects you guys - : 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. : FR-5271-P-01 Safe Mortgage Licensing Act: HUD I am against regulating seller financing by RESPA as this bill intends, or anything that reduces a property owners right to sell real estate. This is very bad for property owners as it severely limits your power to sell real estate, especially property types for which there are no conventional loan programs (land, mobile homes, homes in disrepair). Seller financing has been around and worked well for hundreds of years. Seller Financing fills an important void for home buyers who do not qualify for conventional financing due to credit issues, being self employed, and unique financial situations. I encourage you to go to this site for instructions on how to post your comments to HUD regarding this bill. http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-short-sales-fsbo-mls-and-/41679/important-seller-financing-may-become-eliminated Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : i dont know how much this affects you guys - : : 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. : : FR-5271-P-01 Safe Mortgage Licensing Act: HUD : I am against regulating seller financing by RESPA as this bill intends, or anything that reduces a property owners right to sell real estate. This is very bad for property owners as it severely limits your power to sell real estate, especially property types for which there are no conventional loan programs (land, mobile homes, homes in disrepair). Seller financing has been around and worked well for hundreds of years. Seller Financing fills an important void for home buyers who do not qualify for conventional financing due to credit issues, being self employed, and unique financial situations. : I encourage you to go to this site for instructions on how to post your comments to HUD regarding this bill. : http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-short-sales-fsbo-mls-and-/41679/important-seller-financing-may-become-eliminated : : [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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