The truth about House Bill 1787.

Give me your thoughts.

This just in from Bill Bronchick, Real Estate Investor and Attorney.

From: Bill Bronchick <reply@legalwiz. com>
Date: 11 June 2009 18:33:35 BST
Subject: The truth on House Bill 1787
From: Bill Bronchick

Re: The truth on House Bill 1787

I’ve received a number of emails from people claiming that House
Bill 1787 will eliminate owner financed deals to once every 36 months.

This is patently FALSE.

Become an informed citizen and read it yourself:

http://www.govtrack .us/congress/ bill.xpd? bill=h111- 1728

This bill aims to include owner financed deals within the definition
of “Truth in Lending” law. I’ve always instructed in my courses and
seminars that you should comply with Truth in Lending, which
requires just a few simple disclosures.

The bill also would, in theory, make a person who sells a home a
“mortgage originator”. This would require compliance with RESPA,
which I’ve always instructed in my courses and seminars that you
should comply with anyway.

Finally, the bill would require that you actually qualify your
buyer. It prohibits, “lending without due regard of the mortgagor’s
ability to repay”. Duh! Only a fool would put someone in an owner
financed house deal without checking their income, debt and credit.

All in all, there’s nothing to worry about here for investors, it’s
just a matter of compliance with some federal rules and a couple of
disclosures.

Any comments or questions are welcome.

Your partner in success,

Bill Bronchick, Esq.

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Tags: Bill Bronchick, House bill 1787, house bill real estate law, no money down, owner financing, real estate investor, seller financing