My Comments on FR–5271–P–01 SAFE Mortgage Licensing Act: HUD Responsibilities Under the SAFE Act (Document ID HUD-2009-0155-0001)

Thursday, March 4th, 2010 | Uncategorized

To Whom it may concern: Upon my careful review and consideration of the following portion of the proposed rules I having a serious concern. The following language vastly exceeds the intended scope and purpose of the rules and severly infringes upon an individual owners rights to sell their own property with any type of owner financing. [Page 66558]]

immediate family member of the individual;
(5) Any individual who only offers or negotiates terms of a
residential mortgage loan secured by a dwelling that served as the
individual’s residence.
The exception is not broad enough. It is limited only owner occupied property. The fact remains that many sellers of second homes or rental property are not covered by this exception.
The end result of these rules in an unreasonable taking of an individual property owners right to freely market and sell in any manner he or she so chooses their real property.
Due to the recent loss of liquidity and the drastic tightening of lending programs seller financing is a very needed solution.
Nearly every week I am asked to assist in the preparation of documents to facilitate an owner financed real estate transaction. These proposed rules would eliminate over one half of all such transactions, thereby adding further downward pressure to the overall real estate market. Respectfully, Jeffery S. Watson Esq.

1 Comment to My Comments on FR–5271–P–01 SAFE Mortgage Licensing Act: HUD Responsibilities Under the SAFE Act (Document ID HUD-2009-0155-0001)

Sergio DeCesare
March 15, 2010

Well said my friend, well said.

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