AL Foreclosure/Preforeclosure "NEW" Legislation!
My friend and I have created an LLC with the intention of investing in Birmingham and Huntsville, to expand later. We have talked to several realtor and broker "friends" who are cautioning us about "new Alabama legislation" coming for creative investors specializing in foreclosures and preforeclosure negotiations and buyouts, ie "subject to's." What's the deal here? Does anyone know of any "new" legislation coming that wouldn't be mentioned in all the latest books and courses available since 2003 that would be detrimental to the creative investor? I don't want to do anything illegal! Are they just trying to scare us away or is there something I need to worry about?
Please Help!
[ Edited by dmbaker on Date 04/10/2004 ]
I am also in Alabama and what they are proposing is placing a 4% sales tax on all home sales. It is not specific to investors. How do you think all the millionaires in the state legislature created their wealth. They can invoke this tax without a vote of the people.
Thank you, I searched Google until 2am looking for anything to do with new legislation dealing with foreclosures and found nothing. I really appreciate your reply.
If you'll wander over to your nearest large county courhouse law library-there's one in every county courthouse, free for public use-and ask the law librarian to show you the ALA statutes you can quickly find the latest ones and see for yourself what the legis. has recently enacted.
Also find the West Reporter for AL and the paperback "advance sheets" in it, and it will also have latest AL statutes.
So by next week YOU can be the AL authority on this topic and let us all know what those terrific legislators have done for "ya'll".
In all law book sets like these referenced, the new ones are the paper bound ones as they're the quickest to be printed and disseminated.