Urgent Politcal Action Needed By All Real Estate Entrepreneurs To Defend Private Property Rights! HR 1728

Thank you to Dyches Boddiford, Elmer Diaz and National REIA for sounding the alarm and organizing vitally-needed action on this issue . . .

Pete Fortunato recently brought this Bill to my attention.

It has already passed the House of Representations and has been sent to the Senate. If it passes in its current form, it will restrict owner financing to once every 36 months (HR 1728 Sec 101(3)(E)). While this may not be much of a problem when we get owner financing from sellers, it severely restricts our ability to sell with owner financing.

Though the bill mainly deals with amendments to Truth-in-Lending for mortgage brokers and banks, this one section could reap havoc. This could limit not only your sales where you take back a mortgage, but _your lease-options and land contracts as well_.

Here’s the latest version of the Bill: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1728

All owner carryback financing should be exempted from this bill. As one commentator noted, if this is left as is, it is a taking of private property rights. We can wait for someone else to fight it, but as for me, I am contacting my Senators today to let him know what I think. I suggest you do the same.

You can find and contact your Senators here: http://www.senate.gov/general/contact_information/senators_cfm.cfm Keep it short and to the point, but let them know your thoughts! Pass this along to your investor friends.

Dyches Boddiford

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