Posted on 06/14/2009 11:53:09 AM PDT by adm5
H.R. 1728 passed the House by an overwhelming majority in a record three days time. Now it’s in the Senate and is widely expected to pass quickly as well. Why the rush? Is AIG planning to hand out zillions in bonuses again?
My guess would be that our elected representatives and their banking benefactors would prefer that we don’t know anything about it.
Consider this scenario:
You own a house. You want to sell it.
Someone wants to buy it.
You decide to sell it to the person who wants to buy it and carry the paper yourself for whatever reason. Maybe you want the income instead of the cash. Maybe you’re just particularly fond of the buyer, I don’t know.
I’m sorry… you can’t. It’s illegal.
(Excerpt) Read more at mandelman.ml-implode.com ...
PING!
“There’s another clause in this bill that I found absolutely unbelievable. The bill says that if you own rental units and the government decides that you’re at risk of foreclosure, the government can seize your property… before you’re foreclosed on, mind you. Someone wakes up in the morning and decides that you might lose your units to foreclosure, and you are screwed.
You want time to go over that one again? It’s perfectly understandable if you do.
What it said was that the legislation makes it possible for the government to seize your rental units if they deem that you are at risk of losing the property to foreclosure. I assume the intent is to prevent renters from being put out of their rented homes, which is perfectly understandable because everyone knows that it’s only okay to put actual homeowners out of their homes. “
Exactly which sections are these?
I am getting a headache in reading this damned bill. Can someone give me a tip on what sections this article is referring to?
Thanks!
How do you do a real estate transaction UNDER THE TABLE ?
Documents are recorded on the public record and short of that are not official.
Big Brother ping.
I don’t understand how the mod’s can take this down from Breaking News, and change the title to a more subdued one.
?????????
Seriously, please explain this to me on this thread moderator.
?????????
This is something that all FReepers should see, no matter if they are perusing the underwater basketweaving forum here on FR or checking on a sports, political humor etc.
If there was ever a case for the citizens of FRville to see a story on Breaking News, this is it.
Unbelievable.
Just posted this to my facebook page...outrageous...
“Did you really think we want those laws observed?” said Dr. Ferris. “We want them to be broken. You’d better get it straight that it’s not a bunch of boy scouts you’re up against... We’re after power and we mean it... There’s no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What’s there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced or objectively interpreted — and you create a nation of law-breakers — and then you cash in on guilt. Now that’s the system Mr. Reardon, that’s the game, and once you understand it, you’ll be much easier to deal with.”
— Ayn Rand, Atlas Shrugged
It’s a blog post. That’s why. Hit abuse and ask another mod to move it back, if you want.
This may seem silly maybe even stupid, but it is essentially what the muslim community has been doing in this country for years (they have some religous objection to paying interest.)
You obviously don’t live in CA, I said I wasn’t sure if it was a fed law or not. In CA, you can only sell through a person holding an FFL, unless it is to a family member. Look that up in CA law and then get back to me.
Yes, but young buyers and those selling homes that don't meet current building codes will be hit hardest.
bump
So much for the American dream for many people!
But eventually you will want to record the deed and change of ownership and the county clerk or such will have issue with the private transaction and recording of such.
Unless you this bill allows for outright sale and its the mortgage that must remain hidden between parties.
Exactly.
You wrote that you were unsure about Federal law and I clarified it.
And, as I also said, some parts of the USSA will throw up roadblocks, and your Kalifornia is the epicenter of such states.
That was my understanding of this bill, it would only outlaw financing agreements between individuals, not outright cash for property sales, where no financing would be involved. If it outlawed that, even if you had 1 million in the bank you would have to “finance” the purchase, which would be pointless because you could just turn around and pay it off anyway.
"Nearly all conventional lenders apply strict property-attribute standards and our rural communities contain many, many homes that do not exhibit these lender-required attributes. Because the provisions of HR 1728 severely limits the number of private loans offered by a person and/or puts such enormous structural and regulatory burdens on private mortgages, these properties will become virtually unsaleable and will create blight in small rural communities.
Another sad result of this bill would be that, after helping one family member or selling a home with a installment contract, a person would not be able to help with financing for any other family member for 3 years! How is this good for American families?
I can only surmise that the private-lender verbiage is included at the insistence of the conventional lending industry - the ones that got in all the trouble we're in today!
Please don't let H.R. 1728-Mortgage Reform & Anti-Predatory Lending Act pass as long as it applies to private parties!"
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