In New York can anyone tell me at what point the line is drawn where you would not be able to take a property “subject to” because it would fall under the guidelines of the Home Equity Theft Prevention Act?
John Just type The home equity theft act of NY. Boom it pops up on google search it is for folks who are in forclosure. The state that they have 5 days to cancle any contract they sign and the bank must give the information by law to help them act… You still can do a sub2 without any problems just one more form to fill out. :banghead dam forms
i spoke to my attorney about it yesterday too, he didnt seem to think there was a problem with the situation, home owner is 3 months behind but not in foreclosure yet.
Are you in NY vug?
As of February 1, 2007, The Home Equity Theft Protection Act covers the sale of certain homes in foreclosure or default.
John,
Yes I’m from NY Not proud of it. :anon I"m from Canandaigua near Rochester By the lake