Live Discussion: Impact of NY Bill S4744 on Real Esate Investing Community

Foreclosures, Short Sales, Tax Foreclosures
1 
              [b]HAVE YOU HEARD OF NY Bill S4744?[/b]

DID YOU KNOW this Bill, if signed into law, directly
impacts the way we do business as real estate investors?

DID YOU KNOW this Bill, referred to as the “Home Equity
Theft Protection Act” has already passed the NY State
Assembly and Senate?

DID YOU KNOW that same Bill was sent to Governor Pataki
for signature on 07/14/06?

DID YOU KNOW that if signed by Pataki, the Bill goes into
effect, becomes law, on 2/1/07?

DID YOU KNOW that once this Bill becomes law, violations include:

[b]First offence[/b]
--  class A misdemeanor and subject to a fine of not more than 
    twenty-five  thousand  dollars,
--  imprisonment in accordance with the penal law, or both.

[b]Second offense  [/b] (within 5 years)
--  class E felony and subject to a fine of not more  than
    twenty-five thousand dollars,
--  imprisonment in accordance with the penal law, or both.

DID YOU KNOW you we are holding a public forum teleconference
on Wednesday, July 26th, 7:30 p.m. to discuss the particulars
of the Bill, and its ramifications if passed into law. This
LIVE discussion will be hosted by LIREIA Founder Barbara Karnes
and top NY legal mind, James Clark, Esq.

No sign in required. No agenda other than to inform and discuss
“take action” options. Just a rich opportunity to learn and share.

 The call in information is:

 [b]Date:[/b]  Wed., 7/26/06
 [b]Time: [/b]  7:30 p.m.

 [b]Phone Number:[/b]  212-461-5860
 [b]PIN Code:[/b]          3265#

Be sure to print this message right away and mark your calendars
for Wednesday, July 26, 2006 at 7:30 p.m. This call is open to the
public, and we encourage you all to call in. TELL YOUR FRIENDS!

To read the actual Bill, get contact information
for Pataki’s office, and find more resources, go to
http://www.lireia.com/nystatebill_s4744.html

See ya on the call…

Barbara Karnes

2

These type of laws are spreading across the country. My state, Illinois just passed the law June 1 and it will go into effect Jan 1, 2007. I know Minnesota and I think California also have the same type of law and others are working on their own versions of it. Good luck in trying to keep the Governor from signing the bill. The crazy thing about the law is that it tells a home owner how much they can sell their own property for. I take that back, it tells the buyer how much he/she has to pay for another persons private property. My understanding is that if I meet with a property owner in foreclosure and agree to buy his 100k(actual value) home which he owes say 40k, for 50k, I will be breaking the law. Please correct me if I am wrong. The Illinois law requires you to pay the H.O. at least 82% of assessed value. Loophole will be the ‘assessed value’ clause.
I can’t believe this is legal. How can the government tell an individual what they can sell their home for?

BTW the NY bill is S. 6824, and I could not find it in its entirety so I am mainly venting on the Illinois law.

3

I agree with you that is it shocking the law can dictate what we are allowed to offer an owner for a property. That is just one of a number of unbelievable provisions included in the Bill.

Also, if you want to read the NY Bill, just follow the instructions found at the bottom of this page:
http://www.lireia.com/nystatebill_s4744.html

I’d also like to respectfully thank Tim Randle for allowing me to post the original message, as it may be viewed by some as a solicitation (which is not our intent). Thanks Tim!

Barbara