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Making loans without regulatory problems.

Posted by Ward-CA- on May 10, 2003 at 1:28 PM

In Reply to: loans to NODs posted by zachary on May 09, 2003 at 11:13 AM

: Ward,

: I know you answered this question before the board went down. I wnated to re-read your comment, but the post is gone. So I'll re-ask it.

: What are the legal issues with loaning a person in NOD $$ to pay current and then taking a 2nd?

: Thanks-
: Zachary

=•=•=•=•=•=•=•=•=•=•=

Zachary,

Most of the issues you need to be aware of are covered by our recent state and federal predatory lending laws. In fact, if all you do is become familiar with and follow California’s prohibitions (see link below) I think you’ll be covering all the bases.

But if you’re extra careful, you won’t want to originate any loans. It’s better to buy them after origination, but while they’re still in escrow. That way if there’s some inadequacy in the origination of the loan, you’re not to blame. Just make sure to compare all the terms of any note and trust deed being offered to you against your predatory loan checklist.

So you might make up a circular or flyer and leave a few with each escrow office in town, letting them know you’ll buy secured, owner carry-back loans, at a discount, while they’re still in escrow—even those circumstances involving a divorce, bankruptcy, foreclosure, etc.

Hope this helps.




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