Dodd-Frank Almost Killed My Marriage

Dodd-Frank Almost Killed My Marriage - Melinda PetersonDodd-Frank Almost Killed My Marriage.  Yes folks, the Federal Government is tampering with marriages again.  This time, they have real estate vows on their mind. 

Here's a little pre-nuptial warning... before you hook-up with your sweet darling and go dashing down the aisle of real estate matrimony, beware of Dodd-Frank regulations regarding owner-carry financing.  Nothing spells divorce before the vows begin... like DODD-FRANK. 

We had a ready, willing and able Buyer who required short-term owner-carry financing to complete a purchase.  We had a ready, willing and able Seller who was happy to provide short-term owner-carry financing.  The pre-nuptial jitters began when we became aware of some of the new Dodd-Frank regulations regarding owner-carry financing. 

The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") was signed into law by President Obama on July 21, 2010, and is an extensive piece of legislation with far-reaching consequences for many sectors of the economy.  It's understandable why lenders have been up in arms deciphering thousands of pages of complex code with respect to new federal guidelines regarding financing.  It's confusing to say the least. 

A few of the tipping points in this Bill... the Buyer's "ability to repay," the "prohibition on steering incentives," and the "Mortgage Licensing Obligation (MLO)" requirements for Owners carrying paper on investment properties.  Here's an excellent brief written by a Colorado attorney explaining some of the inherent issues with this legislation.  Tis prudent to check with your State Association to understand how this Bill may affect owner-carry financing in your State.  

Dodd-Frank Almost Killed My Marriage - Melinda Peterson

 

Melinda Peterson - Real Estate Cafe LLC

 

 

 

Melinda Peterson ~ Principal Broker

The Naked Blogger

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Comment balloon 9 commentsMelinda (Mel) Peterson • July 26 2013 01:04PM
Dodd-Frank Almost Killed My Marriage
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