Your Property Rights are being Threatened
Legislation is being voted on today that would require you, me, your parents, your grandparents, everyone, upon passage of this legislation, to become licensed mortgage lenders if we decide to sell, through owner financing, any property we own.
Suddenly, if your parents own a property free and clear and decide to let you buy it from them with monthly payments, they would need licensing as mortgage lenders and you would have to qualify for the loan just like through any other lender.
Many properties, such as mobile homes or land, don't qualify for bank financing but would now have to. Why? Because purchasing from individuals by using a note would no longer be legal. Many of today's buyers can't qualify for a traditional mortgage and count on seller's financing. This would no longer be an option.
These are property rights issues that are about to be taken from us. President Obama has requested that these bill be passed today meaning that, with a 60% majority, they would become law without discussion or amendment.
I was recently part of a group who went to Washington DC and met with our House Representatives and Senators to discuss these bills; HR 4173, the Wall Street Reform and Consumer Protection Act and the Senate companion bill, the Restoring American Financial Stability Act of 2010.
***Ms. Highly Favored***