*Additional Risk Factors for “Daisy Chaining” of sales
**Realtors are not exempt if they do investor-type transactions
that are defined as “Equity Purchasers” or “Foreclosure-rescue
Consultants” that is not in the course of their usual business
as defined in Statute 501.212(6) pursuant to Chapter 475.
If You Are Any of
The Above Real Estate Professionals,
You Are Likely Breaking Florida Law
And
You Probably Don’t Even Know It!
- URGENT UPDATE for 2010 -
“We have been able to get clarification from the Attorney
General’s Office regarding his staff’s interpretation of how
enforcement should “play out” in the field. These
are opinions by enforcement officers of how they intend to
enforce Statute 501.1377 and related “anti-fraud” statutes. It
must be understood that in the final analysis, the courts will
determine who is actually found guilty or innocent and how
Statute 501.1377 is interpreted. Please
remember that being the “test case” or poster boy for this
legislation, even if you are right, could carry HUGE legal
costs. Don’t set
yourself up for failure by not taking simple precautions now and
using the proper Disclosure Documents and carefully listen and
review the written information about Statute 501.1377 and its
related statute once you have purchased your appropriate
documents.”
Remember, “An ounce of prevention could save you a ton of
attorney’s fees!”
GREAT NEWS!
If you are doing Loan Modifications or Short Sales -No longer do you have to
have an attorney collect the fee upfront so you can get paid
while you earn a few cents back for doing all or most of the
work! The updated
material and your being licensed as a mortgage broker clears the
way for the method of payment so you can again start making a
living immediately!
Florida State Statute Section 501-1377 (“Foreclosure Rescue Transactions”)
has become law and it is very clear; either you comply or you
violate the law. If
you don’t have a legally qualifying Disclosure Document signed
by the homeowner in foreclosure, and you follow strict
contracting guidelines, your
only hope of avoiding fines is waiting for the statute of
limitations to expire.
Does this sound “over the hill”? It
may, but is has been a reality since over a year ago with the
passage of the first so called “anti-investor” legislation by
the State of Florida. An
even more explicit legislation was signed into law May 28th, 2008 by
Governor Crist, which became effective 10/1/2008. This
Statute limits the way you can do business with homeowners who
are contemplating or already in foreclosure. In
addition to Florida, eighteen
other states have passed investor “unfriendly” legislation and
six other states and the Federal governments are currently
drafting legislation for possible passage this
year!
The Florida Statute (Section 501-1377 “Foreclosure Rescue
Transactions”) passed on May 28th, 2008 replaces the
previous legislation (Section 501.2078 “Violations involving
individual homeowners during the course of residential
foreclosure proceedings”). This
earlier legislation was repealed October 1, 2008 by
the new Statute. This
new law beefed-up regulation of the foreclosure industry and is
specifically aimed at anyone interacting with homeowners in
foreclosure by “offering
to buy their foreclosure property, offering to postpone or “stop
foreclosure”, anyone who charges an “up-front” fee for any
related service to foreclosure or short sales, and anyone
offering a lease option to a homeowner in foreclosure”. Included
in the new legislation (s. 501.1377) are very specific clauses
regarding the maximum profit on a lease option transaction,
exact font size for certain “must have” clauses in your
contracts or disclosures, a 3 day right-of-rescission, a
required one day “preview” by the homeowner of all
Contracts/Agreements”, restrictions on transactions involving
land trusts, and
much, much more!
You can no longer do foreclosure real estate investing or foreclosure
“rescue” work in Florida without
having proper disclosure documents without facing $15,000 fines
per violation!
The Only Question Is: How
Soon Will
You Be Caught And Fined?
|
Dear Fellow Real Estate Professional;
As a real estate investor for 35 years, we seem to be in a
“perfect storm” of hard to get buyer loans, foreclosures
seemingly without end, competition from many other
investors, and now an attack on the industry by well-meaning
legislators who may not realize the damage they may be
inflicting on the investing community.
Despite all the additional economic problems at hand, people
need homes to live in and our fundamental economic issues
will pass but just how soon no one really knows. I
have lived through two other serious real estate downturns
in the
Florida
real estate market and history will repeat itself by the
market returning to “normal” in the future.
This is a really unique time for anyone in real estate
because prices are probably at 10 year lows and there are
buyers out there. In other parts of the
country, home prices have stabilized and are increasing
slightly. As with all diversity, the
people who make the most money have the foresight to buy
when everyone else is selling.
Whether you are considering becoming an investor, realtor,
mortgage broker, a wholesaler, or you plan to provide
foreclosure related “rescue” services for a fee,
Florida’s new legislation must be
dealt with before your next meeting with a perspective
client!
To keep you from unintentionally violating the new law, we
have worked with our group of attorneys to provide you with
the actual disclosure documents that you need for every
homeowner, whether they are in foreclosure or NOT in
foreclosure.
Please take a few minutes and read the rest of this page so
you better understand the seriousness of the legislation and
its consequences for you. The
solution at hand is to make your career in this industry one
of great return versus having to look over your shoulder
waiting to be served with a summons because of a document
you didn’t have signed.
To your success,
Dave Dinkel, President
Heritage Realty Services, Inc. |
What’s All The Fuss About?
Click the
play button below to see a brief overview
of what you will be getting when you order today
You can literally be
viewing the contents of
this package just minutes after purchase!
|
Florida Senate Senator Mike Fasano,
District 11
|
|
Press Release
|
|
FOR IMMEDIATE RELEASE
May 28, 2008
|
CONTACT: Greg Giordano
(727) 848-5885
|
|
Senator Fasano Announces that Governor Crist Has
Signed
Foreclosure Rescue Fraud Legislation Into Law
Senator Mike Fasano announces that Governor
Crist signed HB 643/ SB 992 into law today which
places into statute many protections for
individuals facing foreclosure. The legislation
was a top priority of both Senator Fasano and
Attorney General Bill McCollum.
In 2007 alone there were over 245,000 mortgage
foreclosures in Florida. Additionally, Florida ranks
second in the Nation only to California in
the number of foreclosures in 2007.
A common practice of scam artists who pray on
those facing foreclosure target homeowners
trying to avoid closure by presenting themselves
as foreclosure rescue counselors. The schemes
perpetrated by these individuals include
charging high fees for work the homeowner could
do themselves; and a false bailout (where the
homeowner is lead to believe that they can sell
their home, rent it short-term and eventually
repurchase the home).
The legislation protects consumers by informing
them of their rights when they are entering into
a contract with a foreclosure rescue entity and
by including further protections for those who
face foreclosure. It requires that foreclosure
rescuers include in large bold font notification
to homeowners of this right of cancellation on
the contract and a recommendation that the
homeowner contact the lender or mortgage holder
prior to the signing of the agreement. It
further informs the homeowner the consultant is
prohibited from accepting any form of payment
until all services are completed. Most
importantly the bill creates a three-day right
of cancellation for homeowners who sign a
contract for foreclosure rescue services.
"The threat and fear of losing one's home has
driven many people to unknowingly seek the
services of unscrupulous foreclosure
consultants," Senator Fasano states. "Passage of
this legislation will ensure that those who
decide to seek the help of a professional are
given as many protections as the law will now
allow to ensure that their rights as a homeowner
are not infringed upon."
"Florida homeowners
now have an important tool to protect their most
valuable possession - their homes," said
Attorney General McCollum. "By protecting our
citizens who face the threat of foreclosure from
those individuals who would prey on them, this
law will ensure that homeowners will not be
further victimized at a time of personal
financial crisis."
|
|
The new law covers two categories of individuals/entities –
the “Foreclosure-rescue Consultant” and the “Equity
Purchaser”.
The Foreclosure-rescue
Consultant is
anyone “who directly or indirectly makes a solicitation,
representation, or offer to a homeowner to perform, in
return for payment of money or other valuable consideration,
foreclosure-related rescue services.”
The Equity
Purchaser is
anyone “who acquires a legal, equitable, or beneficial
ownership interest in any residential real property as a
result of a foreclosure-rescue transaction.”
If you deal with any homeowners in foreclosure to purchase
their home, or offer any foreclosure related services, you
are breaking the law if you don’t have the required
Disclosure Documents signed by the homeowner – No
“If, Ands or Buts”! Each
violation is subject to a fine of up to $15,000.
Federal
legislation is currently being drafted called the
“Foreclosure Rescue Fraud Act” (S. 2888) which has one very
onerous clause that sums up the intent of the legislation – “A
Foreclosure Consultant is ANYONE who delays or helps a
homeowner avoid a foreclosure, whether the Consultant
charges a fee or not”. We
are part of a lobby effort to have our industry be heard so
that misguided legislation doesn’t do much more damage to an
already fragile industry instead of targeting a few bad
apples in the barrel!
Don’t expect a judge to listen to your plea of how much you
helped the homeowner because “he would have lost his home if
you hadn’t helped”. You
have violated the law because you didn’t have the homeowner
sign the REQUIRED Disclosure
Documents so you are GUILTY –
plain and simple. Don’t
expect it to help if you drag the homeowner into court with
you and have them plead for you, because you simply violated
the law, no matter what the outcome for the homeowner. Doing
a good deed can truly get you in real trouble if you don’t
do it legally! Again,
it’s completely black and white, either you did it right or
you are guilty of breaking the law. Ironically,
complying is very simple once you have the qualifying
documentation.
NOTE - One requirement is that the homeowner must sign the receipt the day
before they sign any contract with you and
you must leave all the documents they will be signing with
them to read overnight. The
homeowner also has a 3
day “Right of Rescission” from
the day they sign the documents and,
if the homeowner cancels, any monies collected MUST be
returned within ten days if the homeowner cancels.
Another major
change that
the legislation brings is that as a Foreclosure-rescue
Consultant you can no longer charge an up-front fee for
any “rescue-services” including short sales, loss mitigation
negotiations, loan modifications, etc. Charging
any up-front fee is completely illegal and coming
back after 24 hours and collecting the fee is ALSO illegal!
The Solution is Very Simple
–
Get Every Client To Sign The Required
Disclosure Document
To Keep You Out Of Trouble
Real Estate “Wholesalers” are
at highest risk because they have traditionally done a lot
of work with homeowners in foreclosure. More
importantly, when a wholesaler sells to another wholesaler
who may sell to another wholesaler, who then sells to an
“end” buyer, the entire “daisy chain” of assignors and
assignees is at risk for the same non-disclosure violations.
Why haven’t you heard about this legislation before? I
can’t tell you why, but I do know that a representative at
the Attorney General’s Office said they called for comment
from our industry and NO ONE came forward. This
is the apathy we see in the industry because everyone only
looks out for themselves. Before
it is too late, it may be time to band together to support
the lobbying effort that we have already become a part of
for our industry. On
our part, a portion of every sale we make goes into this
direct lobbying effort.
With all this talk of “rules and regulations”, “doom and
gloom” we
could overlook the exceptional opportunity that exists with
this legislation. For
the faint hearted, the prospect of doing something unknown
will deter them from entering or staying in the industry,
resulting in less competition. The
bad guys that caused all this knee-jerk legislation will be
forced out of the business, resulting in even less
competition. The
ones who are left will police their local areas by turning
in other investors who are not complying and once again,
less competition. The
survivors who take charge and get our Disclosure package for
use with their clients will survive and thrive. You
can be one of the survivors, the choice is yours!
My dad always said let’s look at the “Pros and Cons” of
having a Disclosure Document, so here they are in the old
Ben Franklin format:
|
PROS
“Get the Disclosure Documents and be Legal”
|
CONS
“No Problem, Let the Other Investors Worry About
the Disclosures”
|
|
No worry about breaking the law with an attorney
drafted disclosure –
if you simply follow its intent.
|
Looking over your shoulder waiting for the “Shoe
to Drop” and hoping the Statute of Limitations
passes!
|
|
Confidence to make offers to Sellers that are
profitable for you and are legal under Florida law.
|
Always wondering when an attorney will approach
your Seller and tell him what a bad deal he got
and what legal recourse he has – without a
Disclosure you are automatically GUILTY!
|
|
More time looking at deals and feeling secure
you can do them legally.
|
More time defending what you did for no
additional return and always facing a tremendous
loss of time and attorney’s fees!
|
|
Little chance of needing an attorney. In case of
an investigation, you start by showing you
complied with the current legislation
|
Huge attorney’s fees to defend yourself against
State regulators and potential civil lawsuits!
|
|
If the Disclosure is done properly, very remote
chance of being scrutinized for violations.
|
The stigma of the trial and the impact on your
credit report if you lose!
(Public records are on file for 20 years)
|
|
Stronger selling point with homeowner because he
sees you are complying with the law. Adds
credibility to your presentation and results in
more deals.
|
Homeowner understands the law and is looking for
you to “goof” and sue you – more of a chance
than you might think as “ambulance chasing”
attorneys rush to educate homeowners on their
“rights”. The
attorneys’ mailing
list is the same Foreclosure List that you are
using!
|
|
Peace of mind knowing that you are doing the
right thing for the homeowner and you are doing
it legally at the same time.
|
Never knowing when a former client will come out
of the woodwork with an attorney or with an
attorney from the Attorney General’s Office in
tow to get money back from you!
|
|
As a wholesaler, no fear of having your buyers
come back because you didn’t get a Disclosure
signed or you were in the Daisy Chain that got
caught – no problem.
|
Always knowing that someone in your “inner
circle” of wholesalers will eventually get
caught without Disclosures in place and everyone
in the “daisy chain” will be a risk for the same
problem because the original wholesale buyer
didn’t take the time to get a Disclosure!
|
|
No need to worry about other investors “ratting”
you out to get rid of you as a competitor
because you did the right thing and got a signed
Disclosure.
|
Always waiting for other investors to “rat” you
out to the Attorney General’s Office because you
simply didn’t get a simple disclosure Dcoument
signed!
|
One of the “risks” not generally discussed is with the
homeowner who sells you his property but he is not in
foreclosure. Later,
he hears from his neighbor, friend, or wannabe attorney
about the new “Anti-investor” law that regulates home sales
by homeowners in foreclosure. If
the previous homeowner suddenly decides he was
“contemplating foreclosure” when you bought his home and you
didn’t comply with the new law, he may just report you to
see if there is anything in it for him! Included
in the package with your “Foreclosure-Rescue Transaction
Agreement” is another disclosure document JUST to cover this
situation!
Now is the time to take charge of your investing destiny by
purchasing the Disclosure Documents you need to be a “worry-free”
professional. Get
your copy today so you have it for your next presentation!
|
FEATURES
|
www.RequiredFLDocs.com
|
“Others”
|
|
Step 1 –
“Open Me First” Introduction on “What’s
in the Package & Getting Stated” –
in PDF format
|
Yes
|
No
|
|
Document 1 –
Covers General Anti-victimization Statutes forYour
Protection with
Parties
Not in Foreclosure
(absolutely essential)
in Word format
|
Yes
|
YES
|
|
Document 2 –
“Seller’s Bill of Rights” –
Disclosure for All Sellers/Parties
Added in 2009
in PDF format
|
Yes
|
No
|
|
Document 3 –
“Required Disclosure” for
Homeowners Who Say They Are Not
in Foreclosure
In Word format
|
Yes
|
NO
|
|
Document 4 –
“Notice To Homeowner”(required
in this EXACT format by State of Florida)
in Word format
|
Yes
|
Don't
Know
|
|
Document 5 –
“Document Receipt” for Homeowners in
Foreclosure– a “must
have” to insure the homeowner doesn’t say later that he didn’t see a
specific document!”
in Word format
|
Yes
|
No
|
|
Document 6 –
“Disclosure Document for Equity Purchasers
and
Foreclosure-rescue Consultants” for
Homeowners in Foreclosure
in Word format
|
Yes
|
Don't
Know
|
|
Document 7 –
“Disclosure Document for Foreclosure-rescue
Consultants” Only for
Homeowners in foreclosure
who want loan
modifications or short
sales only
– so
you can get PAID without an attorney collecting the funds FIRST!
in Word format
(This is the Latest
Free Update)
|
Yes
|
No
|
|
Document 8 -
A Detailed 42
page
Instructional Booklet that reviews every
aspect and clause of the new law
“line by line” –
In PDF format
|
Yes
|
No
|
|
Document 9 –
“Office Of Attorney General
Complaint Form”
(our
most requested form in the kit by
investors who want to turn in other investors
who violate the new law – don’t let it happen to
you!) –
in PDF
format
|
Yes
|
No
|
|
Document 10 -
A 57
page Reference
Manual of Associated Statutes and Laws – another “must
have for mortgage brokers and realtors”
to see
if and how you can be exempt from the
legislation –
in PDF format
|
Yes
|
No
|
|
These Documents are already successfully being
used by investors and rescue- consultants
|
Yes
|
Only Lately
|
|
Attorney to Defend You if necessary – but
at your Expense.
|
Yes
|
Yes
|
|
Drafted, reviewed
and approved by four attorneys
|
Yes
|
No
|
|
Portion of every sale goes back to lobbying
effort on behalf of all investors
|
Yes
|
No
|
|
Your copies of the Documents are INSTANTLY
available on the internet so you can have them for your appointment
tomorrow. No
waiting for CD’s in the mail! or having to take
an expensive mentoring course to get them!
|
Yes
|
No
|
|
Attorney(s) who wrote these documents are
actually doing real estate closings in Florida
|
Yes
|
No
in at least one case
|
|
Total Value with Bonuses -see
BELOW =
Total $982
|
Yes
|
No
|
Here’s What YOU Get In The
“Foreclosure-Rescue Transaction Agreement” Package:
|
Step #1 – “Open Me First” introduction on what to do with your Compliance
Documents – in
PDF format
|
|
|
Document #1 – Protects you against other general “Anti-victimization”
Disclosure Requirements for protection with parties Not
in Foreclosure, an
Absolute “must have”
for every investor in Florida!
– in Word
format (Value
$99)
|
|
|
Document #2 – “Seller’s Bill of Rights” should be used as a short form
in any real estate transaction where the homeowner is Not
in Foreclosure –
in Word
format
(Value $99)
|
|
|
Document #3 – “Required Disclosure for Parties Not in
Foreclosure” Designed to keep you out of trouble when
the seller says he is not in foreclosure and actually is! –
inWord format (Value $29)
|
|
|
Document #4 – “Notice to Homeowner” (Required in this EXACT format by the
Statute!) – in Word format (Value
$15,000 fine)
|
|
|
Document #5 – Special “Document Receipt” for Homeowner is a “must
have” to insure the homeowner doesn’t say later
he didn’t see a specific document!” - in Word format(Value
$29)
|
|
|
Document #6 – “Foreclosure-rescue
Transaction Agreement” Disclosure Document for
Equity Purchasers in Word format and in
All Capital Letters as
told to us by the Attorney General’s Office (Value
$299)
|
|
|
Document #7 – Added
at your request! Disclosure Document
for Foreclosure-rescue Consultants ONLY which
allows loan modification or short sale consultants to
collect a legal fee for services as rendered! - in Word format (Value $199)
|
|
|
Document #8 – A detailed 40+ page Instructional
Ebook that
reviews each and every clause in the new Statute “line by
line” – in PDF
format (Value $99)
|
|
|
Document #9 – “Office
of the Attorney General Complaint Form” (our
most requested form by investors who want to turn in other
investors who violate the new law – don’t let this happen to
you!) – PDF format (Value
Priceless)
|
|
|
Document #10 – A
67 page “Manual of Referenced and Associated Statutes and
Laws“ – another “must
have”
to see if and how you can be exempt from the legislation –PDF format (Value $59)
|
|
|
Bonus #1 – A percentage
of all profits from these sales goes
to supporting a lobbying effort on behalf of all real estate
investors – your silent, but appreciated contribution! (Value Greatly Appreciated)
|
|
|
Bonus #2 – You can immediately
download your copy so
you can have it for your meeting with a homeowner the next
day! (Value a $15,000+ fine or
jail time)
|
|
|
Bonus #3 – Peace of mind that you are complying with Florida law! (Value Priceless)
|
Your Cost if you order today is only
$59!
Remember, “An ounce of prevention could save you a ton of
attorney’s fees!”
The following Document Package have been updated, segmented for
personalized use and revised for 2010:
|
All that you should need to have reviewed by any
attorney you
choose to give you piece of mind that you are
not violation the
law and you don’t even know it!
|
“This is the Ultimate Package for dealing with any Homeowner and any type
of offer including“ Subject To” offers
that are now illegal In Florida in many situations”
|
1. Document
#1 –“Open Me First”
2. Document
#2 – General Anti-victimization”
Disclosures for Homeowners NOT
in Foreclosure
3. Document #2A – “Seller’s Bill of
Rights” – another short form of Seller
Disclosures
4. Document
#3 – Disclosure for Parties NOT
in Foreclosure
5. Document
#4 – “Notice to Homeowners”
6. Document
#5 “Receipt for Documents”
7. Document
#6 - Mandatory
Disclosure Document everyone needs for
various transactions for Homeowners in
Foreclosure
8. Document
#6A - Mandatory
Disclosure Documents everyone needs for
short sales and loan modifications
9. Document
#7 – 40+ page Instructional E-book
10. Document
#8 – Complaint Form for the Attorney
General’s Office to report violations
that you observe
11. Document #9 - A
67 Page e-book of related law for
Statute 501.1377 |
$199.00
SPECIAL
Now Only
$59.00!
|
|
|
"Required Florida
Disclosure Documents" |
|
The above documents, files, and bonuses will be delivered by
email
immediately after your credit card is processed.
Thinking About Letting Your Attorney Draft Your Disclosure Docs? –
GREAT!
If you want another legal opinion or someone else to write your docs, purchase this package anyway and have your attorney review the
“Foreclosure-Rescue Transaction Agreement” and make any changes
he wants. By buying
the text you will save your attorney hours of tedious research
work, consequently a lot of money for yourself, and you will get
future updated disclosure documents and ongoing legislative
updates at no
additional cost! Make
sure your attorney will do this for you.
It’s too late to protest the new Statute, but it is never too
soon to start complying! Some
investors have asked me for the Attorney General’s telephone
number to start reporting non-complying investors to “thin out
the ranks” as they called it. Don’t
let yourself get weeded out by your competitors and have to pay
unnecessary fines at the same time – even though you were doing
the same things you did just months ago before the new law went
into effect!
Because this is an electronically downloadable product we cannot
offer a refund policy. The material has been produced by one of Florida’s
most respected law firms so we are confident it meets all legal
requirements. In
addition, they will also provide new documents as needed and
these will be forwarded to our registered members. Each
purchaser will be registered to his personal copy of the “Foreclosure-Rescue
Transaction Agreement” package and any future updates will be
sent electronically to him exclusively. Membership
has its privileges!
Buyer Beware -
If you split this package with someone else, they run the risk
of NOT getting changes, upgrades, and legislative updates in the
future.
|
THE INFORMATION ABOVE AND THE INFORMATION IN THE
BUYER’S PACKAGE IS FOR EDUCATIONAL PURPOSES ONLY. IT IS
NOT TO BE CONSTRUED AS LEGAL ADVICE. YOU SHOULD SEEK ADVICE FROM
AN ATTORNEY SHOULD YOU HAVE ANY ADDITIONAL QUESTIONS. THE AUTHOR IS NOT SELLING OR
PROVIDING LEGAL ADVICE OR SERVICES. THE DOCUMENTS FOR SALE HEREIN HAVE BEEN PREPARED BY
ATTORNEYS AND NOT BY THE AUTHOR OR HIS
STAFF.
|
If you have any comments or suggestions you can contact the author
at
DaveDinkel@gmail.com
About |
Earn Cash | Privacy Policy |
Terms of Use |
Purchase Agreement |
Earnings Disclaimer
|
©2008 Heritage Realty Services,
Inc.
|
