SFN and Bill 643. 

"How will affect your business?"

It Already Passed!

Home Foreclosure – In response to the Florida HOPE Task Force recommendation to pass House Bill 643, the Florida Legislature created new protections for homeowners facing foreclosure. The legislation specifies the information that must be provided to the homeowner in writing by foreclosure-rescue services during the foreclosure process. It also gives the homeowner the right to cancel the written foreclosure-rescue agreement within three business days, without penalty, and to repurchase homes in foreclosure-rescue within 30 days. It also makes violations of the new legislation an unfair and deceptive trade practice, punishable by up to $15,000 for each violation. In addition, House Bill 743 gives property appraisers the authority to reassess the value of property that has been artificially and fraudulently inflated. Mortgage fraud can also be punishable as a felony.

This is just the beginning of why we try to model ourselves to stay ahead of the curve with such insight to future possibilities.  The bill goes into effect October 1, 2008, so that gives us about 4 months to get our network of attorney’s to interpret it, advise us, and get our disclosures in order for transactions after that time..

Here are some highlights of the bill:

1. A person in foreclosure on their primary residence will have 3 days to change their mind when selling their house.  This also means there will be new disclosures and new deadlines to keep track of on your transactions.  Also, many agents have listings they don’t know are in foreclosure…«GreetingLine» you may now be responsible to find out!

2. Some agents and investors will just choose not to help people in foreclosure because of all the extra potential liability.

3. It will limit the ability to collect any upfront fees, which means some of the short sale negotiation companies that charge a fee to get started (and more of them are starting to), the seller will be restricted from paying them.

4. The way they wrote the “exclusions” is kind of weird, in one way it looks like real estate agents are exempt, but in another way it looks like they are not, so we will need to wait for some clarification.

5. It will eliminate “subject to” on a primary residence in foreclosure.
Keep watching as I keep you updated!

Another reason to turn to our organization and network of community professionals!

Let us help you and your clients with Loss Mitigation Servicing and help you be more efficient and effective while engaging these very viable markets with better disclaimers, disclosures and more!  Give us a chance to accommodate you and your client on your next short sale.

*Ask us about emailing you a customized Property Owner Loss Mitigation Application customized with your Realtor Name and Rep ID, to post to your website and signatory!

Call us today or visit us online join our Realtor Network.  It’s absolutely free to you! 

Go…and Stop Foreclosure NOW!

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