Our Next Renegade Detroit Investors Meeting
Tuesday, JANUARY 8, 2013, at 6:00 PM!
Sila's Resturant 4033 W 12 Mile Rd, Berkley, MI
Guest Speaker: Allan D. Daniels
Hardcore Regulations: The Demise of Seller Financing?
Real estate investors, brokers and other industry participants have repeatedly sought confirmation that they can engage in activities or transactions that are prohibited by the SAFE Act or a myriad of other laws.
Allan will discuss Michigan and Federal Regulations covering Seller Financing/Land Contracts. What’s the same? What’s changed? What will happen?
Attempts to interpret the SAFE Act and the Michigan Mortgage Loan Originator Licensing Act (MLOLA), and even the 25-year-old Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act sections applicable to Land Contracts have been complicated by a disjointed law-making process, numerous sets of federal and state laws, the involvement of multiple state and federal governmental agencies, and different and sometimes conflicting rules and regulations. The Consumer Financial Protection Bureau is expected to finalize regulations under the Dodd-Frank Act in January 2013 that will further complicate and restrict seller financing.
To make matters worse, purveyors of the legal equivalent of snake oil are offering real estate training based on land contracts. These legal gurus and their disciples have been spreading bad information to the real estate community.
When one combines wishful thinking, bad advice from both lawyers and non-lawyers, and the confusing law-making process involving an alphabet soup of state and federal agencies, the result is incomprehension and non-compliance.
Even some of the most well-intentioned, knowledgeable, ethical, and law-abiding persons (including some who even teach the law), have been stumped in their efforts to navigate through this bewildering maze.
Neither wishful thinking nor hiding one’s head in the sand can change laws or make prohibited activities lawful.
Allan D. Daniels
Dr. Daniels and Son
43902 Woodward Avenue, Suite 20
Bloomfield Hills, Michigan 48302
[masked] Office[masked] Mobile
The cost is $25 per meeting. Annual memberships (http://www.renegadedetroit.com/membership.html) are available at a discount. Food is included at the meetings!
Jeremy Burgess - Jeanna Kiehle
Renegade Detroit Investors (http://www.renegadedetroit.com)