The Dodd Frank Act and Owner Financing

Feb 28th, 20121 Comment

The Dodd Frank Act and Owner Financing
Despite there being very few complaints from consumers regarding owner financing, the Dodd Frank Act (as did the SAFE Act) does impact how real estate investors are able to perform selling a house with owner financing. The good news is that the real estate investor won’t really notice any difference in the way they perform their business if they are already following the rules of the SAFE Act. The Title Companies and Licensed Residential Mortgage Loan Originators will have more work to do.

Does the Dodd Frank Act Abolish Owner Financing?
No.
The combination of the SAFE Act and the Dodd Frank Act prohibit real estate investors from taking applications, negotiating terms, and creating a new note unless they are licensed. If the real estate investor is not licensed, then they simply must utilize the services of individuals who are licensed.
While a little more expensive and a little more complicated, selling a house with owner financing is still a viable option under the enactment of this legislation.

About author:

Addicted to Real Estate–Why I Can’t Stop and Why You Should Start, by Phil Falcone, is an honest account of an addiction to real estate. Sometimes addiction is a very good thing. In this book, Phil Falcone, the ultimate real estate addict, will show you how to achieve amazing success as a real estate investor and addict: • Delve into the details of actual deals he negotiated and learn why his methods were so effective • Discover why his residential to commercial real estate strategy will create ultimate wealth • Learn how he used apparent liabilities (OCD, insomnia, and workaholic behavior) to help him achieve his goals • Why he can’t stop investing in real estate, and how you can start controlling your own financial destiny through real estate. Funny, frank and informative, Addicted to Real Estate will inspire any investor to achieve higher levels of drive and success in the rewarding world of real estate. Phil Falcone is a Philadelphia area full-time real estate investor who started in the business at the age of 23, and whose portfolio today includes commercial offices, apartment buildings, and residential homes. As the owner of Falcone Real Estate Holding Corporation, he prides himself on his non-stop real estate focus and determination, his ability to be a great professional speaker, and on his fun, outside-the-box approach to real estate.

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