I want to remind you again that the Dodd-Frank Act created an unnecessary burden for you if you want to sell a property and carry-back a note in order to facilitate the sale. Residential installment sales are part of the restrictive rules that Dodd-Frank includes that could lead to you becoming licensed as a Loan Originator – something I suspect you have no interest in!
You need to know the rules that affect us in the seller carry-back business. And, you need to know that there is a small group of folks talking to Washington, D.C. on our behalf, trying to get them to understand our business – which they do not! And, most importantly, having them realize how we help the real estate market and how we played absolutely no role in the mortgage meltdown.
Please do the following:
- Go to www.SaveSellerFinancing.org
- Read the Action letter and White Paper for details
- Sign the Petition to Save Seller Financing
- Donate whatever you can
The note business is my business. I donate annually. If you are active in our business, give what you can so the Coalition can convince the CFPB(Consumer Financial Protection Bureau) to strip seller financing from these onerous rules.