note buyers texas - 0 views

note buyers texas specialized loan servicing sell trust deed licensed mortgage originator fair offering owner financing contract for deeds

started by Dominic Santana on 04 Mar 12

#1 Dominic Santana on 04 Mar 12

[Agents... you may lost out on a few hard-won commissions. There are many agents with businesses largely involved in working with owner financing. Call and thank NAR for assisting you out. As far when i know, they did nothing to remove owner financing from this legislation... are there heavy mortgage interests whispering in their pocketbooks, or is there another thing I don't know? ]

In accordance with the regulation, if you're a great investor, you can't sell your own personal residential properties (1-4 units) and provides terms to benefit from IRC 453 (installment sale) unless you get a mortgage originator's permit. You can't even go around it by hiring one to negotiate it for people (although I see that lobby efforts have rallied this concession within Texas).

Isn't this a good attack on personal property rights?

This supposedly applies to you even if you're not in the flooring buisingess of buying lots associated with properties and turning these around with owner financing like a lot of the guys buying REOs and short sales through the dozens.

You may only own one duplex, or there's a chance you're liquidating your family's house upon the death to your parents...

In the event the property is not most of your residence, or you are not selling to a member of family, you have to have a license to sell your stuff with owner financing (but I guess you can get your attorney to negotiate the terms in your case, as long as he's not being paid by a licensed mortgage originator... heck, here's what we complete: have the attorney pay out the LMO or note professional to negotiate that terms of the loan to check the paper will sell for maximum price in the 2nd market!!!).

I can't suppose this is enforceable or that this would stand up with court. Going back to the current: SAFE Mortgage Licensing Take action... there seems to be described as a distinction between those engaged in a 'commercial context' and people aren't.

Consequently, based on the perceived intent, it's probably fair to say that it would be 'safe' to sell your portfolio of properties (truthfulness did it legally and ethically - of course, if you did it intelligently, you could even sell the paper down the road!). Or go the extra mile and have a licensed mortgage originator process the paperwork and assembled all the Truth in Lending and also other standard docs for ones buyer.

If you're in the flooring buisingess of buying and carrying on the properties, seems like there's not a way around needing to get a license. Hogwash. Pure hogwash. And I didn't even grow up on a farm.

My take...
.
With the economy in such a bad way you could find it hard to shop for or sell property. Many private real-estate investors are now considering contract for deed sales. Both buyers and sellers of an real estate note need to assure themselves that the contract is of great benefit to them and written correctly. Unorganized contracts can cause us a lot of problems in years ahead, especially if you ever before plan cash out that the property market note. specialized loan servicing, sell trust deed, note buyers texas

<div class="cArrow"> </div><div class="cContentInner"> [Agents... you may lost out on a few hard-won commissions. There are many agents with businesses largely involved in working with owner financing. Call and thank NAR for assisting you out. As far when i know, they did nothing to remove owner financing from this legislation... are there heavy mortgage interests whispering in their pocketbooks, or is there another thing I don't know? ] In accordance with the regulation, if you're a great investor, you can't sell your own personal residential properties (1-4 units) and provides terms to benefit from IRC 453 (installment sale) unless you get a mortgage originator's permit. You can't even go around it by hiring one to negotiate it for people (although I see that lobby efforts have rallied this concession within Texas). Isn't this a good attack on personal property rights? This supposedly applies to you even if you're not in the flooring buisingess of buying lots associated with properties and turning these around with owner financing like a lot of the guys buying REOs and short sales through the dozens. You may only own one duplex, or there's a chance you're liquidating your family's house upon the death to your parents... In the event the property is not most of your residence, or you are not selling to a member of family, you have to have a license to sell your stuff with owner financing (but I guess you can get your attorney to negotiate the terms in your case, as long as he's not being paid by a licensed mortgage originator... heck, here's what we complete: have the attorney pay out the LMO or note professional to negotiate that terms of the loan to check the paper will sell for maximum price in the 2nd market!!!). I can't suppose this is enforceable or that this would stand up with court. Going back to the current: SAFE Mortgage Licensing Take action... there seems to be described as a distinction between those engaged in a 'commercial context' and people aren't. Consequently, based on the perceived intent, it's probably fair to say that it would be 'safe' to sell your portfolio of properties (truthfulness did it legally and ethically - of course, if you did it intelligently, you could even sell the paper down the road!). Or go the extra mile and have a licensed mortgage originator process the paperwork and assembled all the Truth in Lending and also other standard docs for ones buyer. If you're in the flooring buisingess of buying and carrying on the properties, seems like there's not a way around needing to get a license. Hogwash. Pure hogwash. And I didn't even grow up on a farm. My take... . With the economy in such a bad way you could find it hard to shop for or sell property. Many private real-estate investors are now considering contract for deed sales. Both buyers and sellers of an real estate note need to assure themselves that the contract is of great benefit to them and written correctly. Unorganized contracts can cause us a lot of problems in years ahead, especially if you ever before plan cash out that the property market note. <a rel="nofollow" href="http://texasnoteco.com/loan-servicing/">specialized loan servicing</a>, <a rel="nofollow" href="http://texasnoteco.com/selling-your-note/">sell trust deed</a>, <a rel="nofollow" href="http://texasnoteco.com/">note buyers texas</a></div>

...

Cancel

To Top

Start a New Topic » « Back to the vvxcxgbtdqhwfxcbicjh group

Start a New Topic