Posted by Jasper Ezeigbo Jr on August 23, 2005 at 01:09:16:
I will need all the necessary information on Maryland foreclosure law and any new laws enacted this year 2005
New Maryland foreclosure law - Posted by FBN
Posted by FBN on June 11, 2005 at 09:03:49:
Anyone have any thoughts on this new law and hoe to operate your business legally when searching for preforeclosures?
Re: New Maryland foreclosure law - Posted by BC
Posted by BC on June 12, 2005 at 12:36:20:
Basically the seller can cancel the contract anytime until 3 days after settlement. This really changes things. Before once you had the contract you knew you probably had the deal, assuming you could stop the foreclosure sale one way or the other. Now you sign a contract, then a better offer comes along and they take that. Then an even better offer comes along…
If you put up money for the seller and they cancel the contract you have just made an unsecured loan due in 60 days at 8% interest. How do you think you are going to collect on that one? Good Luck!
I’ve heard that the foreclosure lawyers pushed to get this law through. When a property doesn’t make it to the auction they only get a small flat fee. If it goes to the auction that get a commission. They want to see more properties going to the auction and not being saved before.
A lot of investors are about to get screwed. Should be interesting to watch things develope.
BC