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Ahhh David
You know us better than that! We have a LOT of ways that you can STILL sell with seller financing. Think like a Jack Miller – what would he do?
You can sell the beneficial interest of a trust.
You can sell an OPTION on the property with an installment sale.
What else can you do to still “sell” the house and get monthly payments but it’s not actually a REAL ESTATE sale?
Put that thinking cap on. Come on now, I bet you can think of a few more things you can do
We will have a FULL DAY discussion about this at the CashFlowDepot Convention with all the DETAILS about how to solve the SAFE ACT problem.
How would you guys interpret the exemption to the safe act below?
do you think if the seller were to give the terms of the seller financing to his/her lawyer and let the lawyer explain to the buyer the terms and draw up the note and mortgage, would seller be exempt from registering? just a thought
6112. Exceptions to license requirements.
The following persons shall not be required to be licensed under this chapter in order to conduct the mortgage loan business:(2) An attorney authorized to practice law in this Commonwealth at law not otherwise
engaged in or holding himself or herself out to the public as being engaged in the mortgage loan business who acts as a mortgage broker or a mortgage originator in negotiating or placing a mortgage loan in the normal course of legal practice.
Jack Miller always said when there’s a new law you need to print it out then sit down and read it yourself WORD FOR WORD. Look for what it does NOT say as much as what it does say. You’ll find the little loopholes if you do this.
This is the time to get out the yellow highlighter and the red pen for underlining key phrases.
What you should NOT do is take someone else’s word for what is in the document. YOu need to read it yourself and come to your own conclusions.
There is a lot of MIS-information floating around these days. Do your own research.
Jackie
p.s. As for the attorney, you need to discuss it with a local attorney. I guarantee that most don’t even know about the SAFE act.
http://www.hud.gov/offices/hsg/ramh/safe/smlicact.cfm
This is were I found info on the safe act.C. Definition of “Dwelling”
The SAFE Act’s definition of “residential mortgage loan” includes a loan secured by a consensual security interest on a “dwelling” and cross-references the definition of dwelling in section 103(v) of the Truth in Lending Act (TILA) (15 U.S.C. 1601 note
Look at the words (consensual security interest) Does this mean that a trust is not (consensual security interest)of a dwelling?
Can anyone explain this to me?
The June 22nd conference call will be about the SAFE Act. Dyches Boddiford, Jack Shea and Quincy Long will be discussing what it all means. Bring your questions to this call or send me at email at [email protected] and I will ask the questions for you.
The call starts at 7 pm central time
call 1-218-862-7200
access code 890338On 7/22/10 Barney Frank sent a letter to HUD asking that they allow 5 seller financed loans/year under the SAFE act without requiring a person get licensed as a loan originator. The web site below shows the whole letter. Potentially good news for people whose states did not give them the 5 loan allowance.
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