Posts Tagged ‘Seller Carry-Back Financing’
January 2014 is Effective Date of Seller Carry Back Financing Rules
Although many commentators and trade associations say that any sellers doing carry back financing start now to comply with the requirements of the Dodd-Frank Act, the requirements have been postponed until January, 2014. In yesterday’s E-Blast, the link in the E-Blast correctly stated the effective date of January, 2014, but the E-Blast itself did…
Read MoreNew Seller Carry-Back Financing Rules
Seller Carry-Back Financing Rules As anticipated, some of the new Dodd-Frank seller carry-back financing rules will now apply to any financing provided on owner-occupied housing, including seller carrybacks. While the term “mortgage originator” is defined broadly under the Dodd-Frank Act (See 15 U.S.C. §1631), an exemption exists for property owners offering seller carry…
Read MoreTrustee’s Sale May Recoup Land Debt
Question: Seven years ago, when the land market was booming, we sold 40 acres of our farmland near Tonopah in western Maricopa County for $1,200,000. The buyer paid $200,000 cash to us, and we did seller carryback financing for seven years of annual payments, interest only, on the balance of $1,000,000. The buyer has made…
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