Don’t Go To Jail Please! Vicki Irvin
About a year ago, MD passed some really tight foreclosure laws that
make it VERY hard to invest without opening yourself up to
potential lawsuits. As soon as they passed, my staff and real
estate investing mentors were sent to a two day seminar on what to
do, what not to do and how to operate within the law. While the MD
foreclosure laws would require a seminar to teach in totality, I
will touch on some of the major issues.
Did you know the following:
1. If you market as if you will stop foreclosure, save the house,
or do ANYTHING that helps the homeowner, you will be classified as
a foreclosure consultant which means legally YOU cannot buy the
house? This includes marketing in emails, print and on websites.
The law is so tight that if you give someone information from comps
as to what their house is even worth, you just put yourself into
the foreclosure consultant category and again….once you do that,
you cannot buy the house! So those signs you see that say STOP
FORECLOSURE are a NO NO if you are an investor who plans to
purchase the house!
“A Foreclosure consultant is someone who solicits or contacts a
homeowner in writing, in person, or through electronic means
directly or indirectly and offers to stop, void, stay, set aside,
or postpone a foreclosure sale”.
Yes, I know it sucks! The laws were enacted to prevent unethical
investors from preying on unsuspecting homeowners and if you live
in the DC Metro area you know that we have had some of the largest
scams to ever hit the news.
The laws on what you can and cannot say to a homeowner in
foreclosure are much more detailed. I know many investors are
taking chances that nothing will happen, but as soon as you violate
any of the new laws and the homeowner you buy the house from goes
to an attorney, all of these things will come into play and you
will find yourself in court….possibly facing jail time and huge
fines. Do YOU want to take that gamble?
Most investors have good intentions of helping someone in
foreclosure and initially the person (homeowner) is thankful. But
people are fickle and will “change their mind” want their house
back and scream foul play. And when they do….will you have all of
your i’s dotted and your “t’s crossed? I certainly hope so!
Be careful who and what you listen to, stay educated and do things
the RIGHT way! Please pass on to anyone you know investing in MD!
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Have a GREAT Weekend!
The Real Estate Investment Queen
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