Financing and Credit

May be old news to most but, I just read where the newly passed SAFE act requires all seller financing to be done through a LICENSED MORTGAGE ORIGINATOR and the buyers must now qualify for the loan! This applies just to owner occupants I think. No balloon payments and land contracts are included.
Good ole Chris Dodd And Barney Fwank are responsible, the same people that helped make the current crisis possible!!
Seller financed loans must now be done through a licensed RE Broker and buyers have to qualify! I thought the idea of doing subject to was to avoid those things?
I am sure there is some way around this or I just read it wrong. Does anyone know the real deal or do I have it right?

Thanks,
Michael Mangham
MD Home Acquisitions LLC

Hello Everyone,

A little while ago i provided the DG investors with a list of local and nationwide hard money lenders, which was my pleasure to do. I promised everyone that i would return with a more updated list of local and hard money lenders for all states. Unfortunately there are no local HML for Rhode Island.. But for all other states there is something.
Rehab hard money has helped me provide this list for you, i hope it helps!!!

http://www.rehabhardmoney.com/offers/hard-money-directory/The_Ultimate_H...

There is a DISCLAIMER on each page , please read it !

Good luck and here's to your success!!

Martin

Hi Everyone: 11-11-10

I have been following Dean for about a year and a half and also part of the Set For Life Program. I live in the San Fernando Valley about 25 minutes from downtown Los Angeles.

If anyone attended the Edge Event last May, you will have seen Bill O'Rafferty teaching the class as well as he was part of the CDs if you bought the Set For Life Program.

I am very fortunate to have him as my realtor and even though I live in LA County, I purposely go to Riverside, Calif. where there are better real estate deals.

We have found some good deals, but I do need a financial partner to assist in buying and more than likely rehab some of the houses we are looking at.

Please send a personal message on this site and I will quickly respond.

Thank you,

Laspen

Hi DG Family! I wanted to start a thread that discusses creative financing in depth.

I myself am almost 3 months into learning real estate, and I was going over some questions I would asking sellers when they call. One question was, "Are you open to creative financing?" I honestly know very little about it. I do however feel I have a good understanding of owner financing and how it works. What other type of creative financing options/scenarios are possible? That way I have more confidence and don't sound like I'm faking it until I make it.

Any and all responses and/or questions would be greatly appreciated, thanks! And I'll actively respond as well.

I found this lender, and searched here. No one has said anything about them that I've seen. I've very wary for a few reasons. They get their funds from Asian Investors. They don't use title or escrow companies, and they lend at 6%. It just sends up a red flag. It sounds too good to be true! Does anyone have any experience with them?

Also, another red flag; no website. I found them on ****. Contact there is L A MENDELSOHN.

Here's their sales pitch:

I have some really good news!

Has anyone used Frederic desse? and how has it worked for you?

I was wondering if the DG community could help me with some ideas and options I may have with coming up with financing for some rental properties I would like to buy (at 45% FMV, calculated from comps, prices ranging from 46k-60k, with rent potential of $1200-$1600/month, in the Baltimore, MD area). This is mostly a feasibility run to see if this could be an option for me at this point.

From the Wall Stree Journal

By RUTH SIMON

It has been a month since GMAC Mortgage suspended sales of foreclosed homes to review its paperwork procedures. While the company has lifted the freeze, the mess it unleashed has no end in sight.

A White House financial-fraud task force, which includes the Justice Department, is investigating how mortgage companies handled their documents. All 50 state attorneys general are hunkering down for their related probe, which also is at an early stage.

Courts are in chaos as banks cancel foreclosure hearings, review documentation for loans on houses heading for the auction block until they were detoured and replace questionable affidavits prepared by "robo-signers."

Fannie, Freddie Seek End To Freeze

DC is one of the few places in the nation where prices are going up and rent is unbelievable high. That's the reason I gave an offer for the following great deal in Washington/DC: 4 units building in a very sought after area, close to entertainment, art and shopping centers. Cash-flow (net) is almost $6000/month. Price is $835,000, well below the market price, creating immediate equity of $300-400k, with improvements potential. Looking for partner/investor/s. Let me know (send PM), and let's have some fun in making good business.