Archive for Safe Act

Safe ActCongress has reacted to the financial meltdown in the housing sector in a number of interesting ways. Very few of them, I feel, are likely to actually deal with the root issues of why the bubble grew so much in the first place. In 2008, the US Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Also called SAFE Mortgage Licensing Act or simply the SAFE Act).  The main purpose of the act was to restrict the ability to make mortgages to those that are licensed by the state. Georgia incorporated the SAFE act into law in 2010 with an update to the Georgia Residential Mortgage Act (Called GRMA) that can be found in O.C.G.A. 7-1-1000 and following to about 7-1-1018. The changes to the law have significant impact on investors who buy real property in Georgia and sell it using owner financing.

The first and easiest thing to note is that there are no changes when the purchaser is an investor. The law does not attempt to restrict buyers who are also investors. If you are an investor-to-investor seller of property, you need read no further and be glad that this is the case. Read More→

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Hey everyone! I am excited to announce that we are launching our new Evening with a Real Estate Expert Webcast on September 22nd, 2010 at 7PM ET via GoToWebinar.com with our special guest and my good friend and real estate attorney, John Maurer. John brings to the table twelve years of real estate experience with a specialty in investor services. John has handled all aspects of real estate transactions from conventional loans to hard money deals. He has done short sales, back to back closings, wrap mortgages, owner financing and dealt with non-closing real estate litigation including foreclosures, evictions and the creation of various contracts including rental contracts and lease purchases.

On our webcast, John will be hitting some of the highlights of the new investor market landscape. He will answer questions about the SAFE Act and how it relates to both Short Sales and Owner Financing. He will discuss back-to-back transactions, both general and as part of a short sale. He will discuss issues regarding financing and seasoning. Don’t miss your change to get your questions answered by John Maurer on our first ever, Evening with an Expert Webcast! Register for the Webcast Now!

Register Now!

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