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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.
Huh? Excuse me. It’s my house… Why can’t I sell it to whomever I choose, however I choose.
Nope, sorry. You’ll have to become a “lender” and get a lender’s license.
Why? I’m not a lender.
Well, because you’re only allowed to sell your own house once every three years without going through the bank for a mortgage. And there are a lot more rules than that, believe it or not.
It has to be a 30-year, fully amortizing loan and you must comply with RESPA regulations, provide Truth in Lending documentation, and “verify” that the borrower is able to repay the loan, just like the banks don’t.
If you are interested in the bill, read it for yourself.
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Reading proposed legislation designed to "reform" the mortgage market is usually a depressing experience for me. Most of the proposals would take us further from a competitive system that works for borrowers. This is certainly true of HR 1728, called the Mortgage Reform and Anti-Predatory Lending Act, which passed the House and was winding its way through Senate when this was written.
Virtually every section of the House bill, an amendment to the Truth in Lending Act, bears the fingerprints of consumer groups or mortgage lenders. Legislators and their staffs operate under the illusion that by refereeing between these groups, they can achieve a balance between the interests of borrowers and those of lenders. This is an illusion because most of the policies espoused by consumer groups further the interests of consumer groups, not those of consumers. Consumer groups look to entangle lenders in a maze of complex rules and potential liabilities, which provide opportunities to counsel and litigate for borrowers, and make special deals with selected lenders.
People laughed and snickered at the word "Dictator" we are getting closer each passing day, in a way all this Obama ***** is good it will destroy the Left Wing Democratic Party.
Even democrats are starting to have second thoughts about Jug Ears & The Pelosi Gang, they sense the Backlash Coming.
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Harry Boy (Genius)
In The Absence Of Law And Order Society Will Surely Destroy Itself
I was very interested in the Bill. I read it. I could not find anything supporting the charges made by your "source" (some loser blogger who offered no references himself).
Did you make the effort to look into evidence to back up your hysterical thread title? Look into the summary of the bill done by the Library of Congress. And since you give me nothing, I'm gonna make you do your own research.
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Obama and Democrats make it HARDER for you to SELL your house
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