Warning To All Investors, Realtors And Mortgage Professionals
In addition to handling all the legal aspects of Hard Money Bankers, our legal counsel, Jeff Shiller, works with many investors on structuring creative real estate transactions and conducting settlements for them. As I’m sure you’re aware, many of the most profitable investor deals often come from foreclosure or pre-foreclosure situations. Whether or not you’re aware of it, Maryland has recently amended the “Protection of Homeowners in Foreclosure Act,” one of the most stringent “anti-investor” laws in the Country. Many other States have enacted similar legislation, and Congress is looking into a similar federal law. If you are involved in any way with foreclosures or foreclosure investing, you will be risking heavy fines, legal fees, loss of income – even jail time, if you violate any portion of this law. Here is a sampling:
If you’re one of those “we buy homes fast…” buyers, and you say, state or do the wrong thing in your advertising or over the phone, or at a meeting with the seller, you will be legally BARRED from buying the property – even if you are trying to, in good faith, help the seller;
If you don’t give a seller the correct disclosure or rescission notices, typed in the correct font with the correct language, the seller could cancel your deal years later, thereby risking your profits and ownership;
If a realtor, investor, title company, or mortgage professional assists in any way with buying or assigning the property, leasing the property back to the seller, taking a property by quitclaim deed, brokering the property to another buyer, reconveying the property back after foreclosure, mortgaging the property, using a power of attorney, or contacting the seller’s lender in any way (just to name a few things), and you don’t follow the rules exactly as written, you could be staring down the barrel of a criminal conviction and/or loss of real estate license, mortgage license, etc..
There are so many intricacies to this law, and so much fear surrounding it, some people have just fled the pre-foreclosure investing business. But if you have the correct advice, the correct professionals, and the correct documentation, there is no reason you can’t “stay in the game.” Jeff has been working with Peter Conti (www.mentorfinancialgroup.com), a national investing coach and mentor, to help he and his group steer clear of legal issues related to these laws. At Hard Money Bankers, we are getting asked about this law all the time. We have also seen that, unfortunately, some of our investors are completely oblivious to this law and are unknowingly breaking the law on a daily basis.
So to help both Hard Money Banker clients, as well as many others, Peter and Jeff, along with another nationally recognized foreclosure consultant, Barbara Klaput, have coordinated a FREE webinar on the law and the new amendments. Here are the details:
DATE: THURSDAY, MAY 15TH
TIME: 8:00 P.M. (EDT)
HOW TO REGISTER: Go to the page below and sign up for the FREE REPORT. You will then receive follow-up emails with the exact instructions on how to sign up for the webinar.
Maryland Protection of Homeowners In Foreclosure Act
info at www.mdphfa.com
Good Luck and Happy Investing!