Think Ca. foreclosure laws are tough?

by Andy Huang / Tuesday, 16 October 2007 / Published in Real Estate

Disasters in the News

These are just a few examples of the alarming epidemic of anti-investor legislation which has recently been enacted in other states.

MARYLAND

Pre-Foreclosures

* Restricts fees and services investors can offer homeowners.
* Seller gets 10-day right to cancel contract.
*** Investor must reimburse 82% of proceeds to seller if reselling the home for profit.

Landlording

* All rental property must be inspected for lead paint each vacancy (6 month backlog waiting on inspectors, and CANNOT EVICT until inspection completed).

NORTH CAROLINA

Subject-To
* Buying subject-to can only be done with lender approval – making it effectively impossible.

Owner Financing
* Only brokers can give advice on loans, and recommending a broker is illegal (so, technically, ‘owner financing’ and ‘wraps’ may be against the law).

COLORADO<p> Pre-Forecloures
* Similar restrictions to Maryland (at left).

ILLINOIS

Pre-Foreclosures
* Expands Maryland law to include any distressed homeowner who is 90-days behind (and investor can violate this without knowing – because there is no public record).
“Mortgage Rescue”
* Banned (can’t charge fees, etc.)

HAWAII

Anti-Flipping
* New “conveyance” tax – collected once on buy, then twice more on re-sale (means 6 times for a double- close on a wholesale flip).

About Andy Huang

Andy Huang brings years of results-driven technology marketing expertise to the position as Speaker, Coach, Trainer, Analytic & Google Partner. He has the innate ability to combine traditional and cutting edge marketing methods to quickly grow brand awareness and increase market share across 197 verticals and over 300+ clients. One was acquired in 2015 for $37 Billion, another in 2013 for $1.1 Billion both Nasdaq listed. With extensive experience in revenue driven servicing His aggressive implementation of these strategic proactive revenue planning & marketing efforts rapidly impact all of clients business's bottom line. Now with business blogging on the internet, Andy Huang will share with you some of his most successful business resource and strategies to help fuel your success online!

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