RED ALERT — Seller Mortgages May Be Effectively Outlawed…You Must Act NOW!
From THE PAPER SOURCE JOURNAL, July, 2011:
The Federal Reserve, which received sweeping new authority under the Obama regulatory reauthorization, wants to effectively eliminate seller-held (a.k.a. purchase money) mortgages. It will do this by enacting a rule for the Dodd-Frank Act prohibiting property sellers from taking back a mortgage unless the buyer essentially can qualify for conventional financing!
What’s more, Ma and Pa Homeowner, who create 95% of seller-held mortgages, won’t be able to qualify buyers under the same underwriting standards that banks are required to perform, and therefore the cash flow notes won’t be created.
If this is enacted it also will remove access to housing for millions of Americans, because seller “financing” is the only way people who can’t qualify for conventional loans can buy a house.
Moreover, it would allow a buyer a three year right of rescission (they can cancel the sale) if the seller did not properly qualify them. The right of rescission also applies to anyone who buys the note.
We have precious little time to try to stop this. The deadline to comment is FRIDAY, July 22. See the information below, then go to snipurl.com/AbilityToRepay
Please do it TODAY!!
Personal Property Rights trampled- Government has decided YOU are too stupid to enter into an agreement to sell your property to another American offering seller financing, unless you first get a government bureaucrat to “approve”.. What? Socialism’s basic desire is to take away all property rights. This goes beyond all reasonable limits.. and shows just how far this administration intends to push the country into communism- especially when considering the already radical effort to control all aspects of our daily life. We won’t recognize America if we continue to allow this assault on freedom.