Answers (2)
Best Answer
- wetdawgs
- Contributions:40700
If you can find a house for which an owner will carry the loan, it is between you and the owner as it is private. Most owners will not overlook bankruptcy and credit scores.
- James Callas, "ABBAUSA"
- Contributions:1077
In Texas that all stops May 31, 2010. The S.A.F.E acts effectively ends what has been around since i was a real estate pup. To me, this act, which states that you have to be a "residential mortgage loan originator" to carry the note anymore. (exception if it is your homestead or sold to a direct line relative) is unconstitutional
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The U.S. Constitution originally protected our right to contract and right to private property. Hopefully some group will fight this and win.
Even as a currently licensed real estate broker, I am not allowed to do owner finance any of my rent houses.
Just a few years back when mortgage brokers and loan processors were required to be licensed.....Real Estate Brokers were grandfathered in.
Good Luck!
James Callas - Realtor®
.
The U.S. Constitution originally protected our right to contract and right to private property. Hopefully some group will fight this and win.
Even as a currently licensed real estate broker, I am not allowed to do owner finance any of my rent houses.
Just a few years back when mortgage brokers and loan processors were required to be licensed.....Real Estate Brokers were grandfathered in.
Good Luck!
James Callas - Realtor®
If I am in bankruptcy for medical debt, can I still buy a home with an owner-will-carry deal?
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