I came across this article in the New York Times yesterday and wanted to get it out to everyone… seems we’re getting that “change” Obama promised.

I just had to forward this New York Times article to you.  My jaw dropped in horror when I read what is happening today.  This new federal law will probably put 75% of the investors I know out of business or bankrupt, and is going to change everything about the way we invest in real estate.

Read this excerpt below or read the whole article.

By RICHARD ROHL
Published: March 31, 2009

“WASHINGTON — At the protest of “vulture” investors, President Obama will sign legislation tomorrow reversing all private transfers of property by homeowners in default.  This provision of the “Community Risk Abatement
Plan,” a recent addition to the stimulus package in consideration.  It will require the owners of all property acquired in the last two years from sellers where were behind on mortgage or tax payments to be returned to the previous owners within 121 days.”

Here’s the full article <<

If you know any pre-foreclosure investors that will be affected by this, I strongly encourage you to forward this to them so they can make the necessary preparations in time.

Sincerely,

Trevor

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Categories: daily musings
Tags: alan brymer, april fools real estate, community risk abatement plan, obama pre-foreclosure bill, predator investors, president obama real estate, richard rohl, we got you good