The legislation takes straight aim at what are called “Equity Purchasers and Foreclosure-rescue Consultants”. As the name implies, if the homeowner is in foreclos.ure the law must be complied with or fines of up to $15,000 per occurrence will result.
I have seen an informative website that gives more information about the various aspects of the law and who is directly affected – including wholesalers, realtors, bankruptcy or short sale attorneys, mortgage brokers, investors, etc. The site is at: www.RequiredFLDocs.com and is worth taking a close look at if you plan on staying in real estate and doing it legally.
Not everyone knows that the last Statute 501.2078 is being enforced and the State’s Attorney General is prosecuting a group of cases. It is cheap insurance to have an attorney-approved disclosure if you deal with any prospect so you don’t unintentionally violate a law and suffer the consequences unfairly.
Simply doing the very best for the homeowner is no defense if you violate the Statutes and State Senator Fascano is currently drafting yet another piece of legislation focused at Short Sales and the investors doing them. Take a minute now and look at the website I mentioned above, www.RequiredFLDocs.com It has an even further explanation of the new law and its consequences.
If you intend to do deals and do them legally, I suggest you get an attorney to do your disclosure docs or take advantage of the offer on the website above. These guys are even donating a portion of their sales to a lobbying effort to help our industry!