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helices
entrepreneur
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IL SB 2349 & 82% Rule ???
Monday, November 26 2007 08:56 AM
I am clear about most requirements of SB 2349.
However, the 82% of FMV rule is still fuzzy to me.
[1] Does this apply to short sales negotiated with the lender? This appears to be a transaction between the lender and me, and NOT with the current home owner.
[2] Does this apply to me buying the note from the lender? Again, to me, this does NOT appear to have anything to do with the current home owner.
[3] Does this apply to Subject To deals with the current home owner? If a home owner simply wants out of their obligations, does this 82% rule still apply?
[4] Is there any requirement on WHEN the full 82% must be paid to the current home owner? Can I construct a deal with something less than 82% of 2007 FMV paid today; and, in future, when my lease option buyer refinances, pay the original home owner the balance of 82% of 2007 FMV?
What other creative deal structures are allowed under auspices of this 82% rule.
What do you think?
If ever I can be of service to you; contact me at once.
I wish for you a truly extraordinary day ...
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Best Regards,
Mike Schleif
http://mdsfreedom.com
847-941-0170
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Jim Hughes
Investor
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Re:IL SB 2349 & 82% Rule ???
Sunday, December 23 2007 09:39 PM
1) I believe so
2) I wouldnt think so
3) Not unless the seller is behind in payments
4) I think you are splitting hairs. Too close for me.
I recommend you purchase a Prepaid Legal Services Membership for $26 per month and you can have all your legal questions answered on this new law as well as all other real estate legal questions as you progress forward with your investment program.
Go to my web site www.prepaidlegal.com/hub/jhughes28 and watch the movies on the legal plan and identity theft. Then call me. 847-741-9797. Why take a chance and get the wrong answer. You need good legal advise.
Sincerely,
Jim Hughes
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