Hard Money Bankers Is Invited To Speak With Peter Conti and Jeff Shiller To Help Teach Investors The New Maryland Protection Of Homeowners In Foreclosure Act
WARNING TO ALL INVESTORS, REALTORS, AND MORTGAGE PROFESSIONALS:Â 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.Â As I’m sure you’re aware, many of the most profitable investor deals often come from foreclosure or pre-foreclosure situations.Â 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.Â Many other States have enacted similar legislation, and Congress is looking into a similar federal law.Â 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.Â Here is a sampling:
- If you’re one of those “we buy homes fast…” buyers, and you say, state or doÂ 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 andÂ ownership;
- If a realtor, investor, title company, or mortgage professionalÂ 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..