We didn't realize the sellers who sell their properties and take back a note are also affected by the Dodd Frank Act. Read this article by Ric Thom, a note buyer for many years....
Private property owners have been swept into the regulations of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act which was signed into law in July 2010. Owner financing will be regulated in Title XIV Section 1401(2) (E) Mortgage Loan Origination Standards. The law restricts private property owners who want to sell their own property using owner financing (installment sale). These are some of the consequences.
Homeowners die before they receive all of their equity under the Dodd-Frank Act.
http://noteinvestor.com/sellers-corner/dodd-frank-hijacks-owner-financing/
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