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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Not that I know.... Posted by damien on August 20, 2003 at 9:37 AM In Reply to: Not that I know.... posted by Ward- on August 20, 2003 at 8:50 AM : : from foreclosure? : =--=-=-==-=-=-=-=-=-= : Dave, : If you read CA Civil Code Section 1695 you'll see that the state is likely to view a sale/lease back transaction as a form of financing. Ward, I assume the point would be that if you leased back to the homeowner and they defaulted you would have to do a foreclosure process since the state viewed this as a form of finance?? Would that be correct? The typical lease back would be to give the homeowner a 24 month option to buy back the home for more than the original amount we purchased for. If the homeowner defaults one time in the contract they lose the option and revert to a month to month lease. AS this legally works in other states I understand California is much stricter. If the law is followed to the T, can this program work and or what modification do you think would need to be made to stay within the law? Damien www.888wcps.com Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : from foreclosure? : : =--=-=-==-=-=-=-=-=-= : : Dave, : : If you read CA Civil Code Section 1695 you'll see that the state is likely to view a sale/lease back transaction as a form of financing. : Ward, : I assume the point would be that if you leased back to the homeowner and they defaulted you would have to do a foreclosure process since the state viewed this as a form of finance?? Would that be correct? : The typical lease back would be to give the homeowner a 24 month option to buy back the home for more than the original amount we purchased for. If the homeowner defaults one time in the contract they lose the option and revert to a month to month lease. AS this legally works in other states I understand California is much stricter. : If the law is followed to the T, can this program work and or what modification do you think would need to be made to stay within the law? : Damien Optional Link URL: Link Title: Optional Image URL: [ 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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