Consultant Law Violation?
Hi,
If a Loan originator is working with a client in foreclosure, can he/she put in a offer to buy the property? Will this violate the Forclosure Consultant Law (Civil Code Section 2945)?
Hi,
If a Loan originator is working with a client in foreclosure, can he/she put in a offer to buy the property? Will this violate the Forclosure Consultant Law (Civil Code Section 2945)?
Yes and No!
If you do put in an offer it must meet the CA req. 5 Day hold before recordating(right of Seller to renig).
Also, you have to mee the disclosure requirements specified by the CA Law.
I hope this answered your Q.s...
You did not give us much information to go on...
Happy Investing!
Derrick Ali
Hi Derrick,
The reason I ask this question, is because I am thinking of getting into the loan business as a Loan Originator. My goal was to work those going thru foreclosure, however if the loan does not go thru then I would probably put an offer to buy the place.
Not sure if the above senario could become a legal issue. What are the disclosures required for loan brokers who may also position themselves as investors?