ALL MARYLANDERS - New Preforeclosure Law

Does anyone have insight into the new Maryland Preforeclosure law? From what I understand the new law still allows investors to contact “preforeclosure” sellers but you as the buyer will need an experienced settlement attorney or someone who can write the contract in a way that complies with the new law (i.e. attaching certain documents such as the “notice of transfer or deed or title” etc). As well as you cannot make any promises about fixing their credit. Also it seems that the part of the law that deals with giving 82% of your net profits back to the seller is only applicable if you contracted with the seller to resell the house back to them.

All Marylanders - please chime in.

Well…DBS already shed some light on this issue. FYI for others who are interested, the new states that only licensed Real Estate agents are authorized to contract preforeclosures since they basically have more to loose (e.g. license). So if you want to do preforeclosures - partner up with a good RE agent.

Any MD RE agents out there are trained in the new law to do this sort of work?

At the National REIA conference they provided us with a list of 20 states that have anti investor legislation in the works, at least he talking about stages. It will be coming to a state near you real soon.

So what can you do:

Get involved with your local REIA groups to band together to have a common voice to take to your local state legislatures.

Get your local city & state government involved with your local associations and groups so that when the talk comes around to them, the have good, ethical, law abiding investors come to mind to counter the greedy, house stealing, mortgage fraud committing investors that they are writing the laws to stop.

Then when the legislation starts getting voted on, hopefully you too will have a voice.

There are new laws on the books in 4 states.

to learn more about these laws, you might take a look at legalwiz. com, National REIA. com, NARHRI. org and go to your official state web sites to see if you have any local laws in the works - if you do, get with your local association and if you do not have a local group, contact National REAI or NARHRI for guidance.