All Forum Posts by: Ramesh Nyberg

I see a FSBO sign. I knock on the door and say, I'd like to buy your home, but I'm low on cash. Will you do an owner-financing deal? He says YES, and we sit down and work out the terms.
Guess what? According to the Florida Office of Financial Regulation, he has to have a Mortgage Originator's License to do that. Read 'em and weep https://www.flofr.com/sitePage...

What do you guys think of this? I get consumer protection. But what about caveat emptor? I mean, neither he nor I can even solicit or offer the creation of the mortgage. How do we get around this? Stop and say, here's my lawyer's number, call him? 
Your thoughts please

In the last four months I have been contacted by two entities everyone should be aware of, because they are making the rounds in real estate forums and networking groups.

1) A "lender" named Thomas Edward, or Thomas Edward Wenck, who offers low interest loans. He is a complete sham, and is looking to get your bank account information. 
2) "Dream Week Realty" Phoenix, AZ -  they contacted me to purchase a property , and started out sounding legit, but as time wore on, their documents and manner of communication was sloppy and didn't ring true. When I checked them out, it turns out that the Arizona Dept. of Real Estate issued a Cease and Desist order on them back in November, and they are not allowed to be practicing real estate as none of the representatives are licensed-- Carlos Rodriguez, Anthony Garcia are the two main guys. 
Just FYI

Chris, thanks so much for the guidance. I really appreciate it! 

To Keith, and anyone who might be interested. We have this note for sale:

Florida Performing note:
Single family residence
Current balance on note $146,652.68
Performing, 1st position
Original balance - $155,000
Rate- 6.0%
Term- 360 months
P&I monthly payment - $929.30
First payment made 01/16/2015, next payment due 01/16/2019

48 payments made, 312 remaining, no loan servicer
Looking for minimum bid of $120k
Borrower is on time with last 12 payments 

Thanks John Thedford much appreciated. I've since found that, as long as I am LICENSED (MLO) AND all parties are made aware of my license and my service performed, I can legally find the buyer a mortgage, and be compensated. 
The key seems to be licensing and full disclosure. I will check with DBPR anyway. 

Thanks for this question-- I'm currently getting my real estate license (again) and will be working as a Realtor-- however as a second business I will be purchasing and brokering notes-- Florida requires that I have an MLO (Mortgage Loan Originator) license for that. I'm trying to see if there is a conflict, but so far, it seems that as long as I don't utilize both licenses on the same transaction, I'm good to go-- example, if I have to foreclose on a loan, and then acquire the property, it would be improper for me to list the house myself; I would use another Realtor.

Or, if I'm working with a buyer as a Realtor, I cannot offer mortgage help using my MLO license. My having an MLO license is solely for the purpose of brokering notes or purchasing/originating notes of my own, wherein my real estate sales associate license is not in any way in play.

Is this making sense? (I hope!)

Note for sale:
NOTE FOR SALE: This is a performing 1st in Florida

UPB: $129,873

Rate: 6% Payment 

$979.00 299 months remaining Borrower is on time last 12 months 

Property value (BPO not done yet) per the County Property Appraiser's Ofc, just/market value: $242,820 

MINIMUM OFFER: $115,392
Feel free to contact me at [email protected]

My crystal ball is currently in the shop, but I don't think it will "crash" at all...I think we'll see a plateau, a slow down, some dips in value, and another wave of defaults, but I don't think we'll see 2008 again (sure hope not anyway)

Hi Kenny, what is the monthly payment on this? I'm calculating $611.85/mo  ..am I close?
Thanks

@Gary Carver thanks very much