Florida foreclosure fraud law update FS 501.1377 - meeting with the Attorney General

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

Last Friday a group of several people involved with the Central Florida Realty Investors (CFRI) legislative committee (including myself) got to sit down Florida's Attorney General Bill McCollum and candidly discuss various issues regarding the real estate industry including the new Florida foreclosure fraud law, FS 501.1377 a/k/a HB 643. We expressed many of our concerns about the new law and General McCollum was listening to what we had to say.  

  

General McCollum is also looking for input regarding ideas to lower the cost of Florida windstorm insurance and to combat mortgage fraud. If you have any ideas regarding any of these topics, please post them here or contact me directly.

CFRI will be taking input on this at the Orange County subgroup meeting on Wednesday, 8/20/08 at 6:30pm.  For more details on when and where go to the CFRI website. 

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(Copyright © 2008. Sand Dollar Realty Group, Inc. All rights reserved.)

Rob Arnold - Your full service and investor friendly Realtor in Orlando and Central Florida.

ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318    www.SDRhouses.com/   www.WeBuyHousesFlorida.com/

Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. We sell properties, list properties, and we buy houses cash throughout the Central Florida & metro Orlando area.  

I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.

Florida foreclosure, orlando foreclosure, florida short sale, orlando short sale, apopka short sale, apopka foreclosure, altamonte springs foreclosure, altamonte springs short sale

 

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Anonymous
John

Hey Rob,

 

How did this meeting go?  What are the concerns of an agent who is negotiating short sales for their clients?

Sep 18, 2008 08:18 AM #1
Rainmaker
1,013,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

We are working to get some changes made to the existing law in order to clarify that agents are truly exempt when negotiating short sales. 

The Attorney General indicated that the intent of the law was to go after scam artists and not legitimate business people.  However, the 15K civil penalty is big enough to discourage a lot of people.  Nobody wants to be the first "test" case.

I have informed my Realtors that they don't need to use the disclosure as long as all they are doing is negotiating a short sale and having the sellers sign the short sale addendum.  However, anything beyond that and the disclosures need to be signed.

Sep 19, 2008 03:05 AM #2
Rainmaker
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Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner
Chris Brown | Certified Mortgage Planners - Orlando, FL
Chris Brown 407.367.2974

Rob, i would love to have you begin to include these posts in a Seminole specifc group i created.  it is new and not a lot of traffic, but I am hoping to add just a few good bloggers there.

 

the group is "Seminole County Florida Pros"

 

talkto you soon.

 

Sep 20, 2008 09:42 PM #3
Rainmaker
1,013,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

I just joined your new group and will be happy to post their occasionally when things affect Seminole County are happening.

Sep 21, 2008 03:40 AM #4
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Rainmaker
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Rob Arnold

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