OAKLAND, CA, June 17, 2009
/24-7PressRelease/ -- Entrust Administration Inc., the leader in custodial services for self-directed retirement accounts wants Real Estate Investors and professionals to be aware that HR 1728 has passed the House and is currently awaiting a vote in the U.S. Senate. This bill takes aim at creative real estate financing and if passed would severely limit or prohibit the way real estate investors do business.
If passed, this bill would effectively prevent real estate investors from using a variety of commonly used seller-financing tools such as selling properties with owner-carry back, or wrap-around mortgages, selling properties using land contracts or contracts for deed, selling properties using a lease-to-own option and even possibly, borrowing private money to purchase properties.
In addition, the bill proposes that unless an investor restricts their real estate transactions to 1 every 36 months they would be deemed a "mortgage originator" and subjected to tough, new lending standards. The major obvious concern for real estate investors is that passage of HR 1728 cracks open the door to the government's involvement in private business and personal property with their restrictions and limitations.
"The spirit of HR 1728 (Mortgage Reform and Anti-Predatory Lending Act) is admirable", comments Consultant Lisa Bromma, a 30-year real estate investor "but unfortunately this bill infringes on real estate investors ability to do business. The passage of this bill would not only affect investors, but also those in the industry of servicing real estate investors, such as real estate brokers, mortgage brokers and lenders."
As a service to our customers, Entrust will continually monitor the situation and provide news briefs to investors seeking current information on the bill. If you are interested in receiving up-to-date information regarding HR Bill 1728 contact Yvonne Garcia at ygarcia@theentrustgroup.com
About Entrust Administration, Inc.
Entrust Administration, Inc. is the premier provider of account administration services for self-directed retirement plans. For more than 28 years, Entrust has been an acknowledged authority in the field of self-directed retirement accounts. Entrust is committed to the classic American goal of financial independence, especially during retirement. As securing retirement becomes increasingly challenging, some investors want to learn about and take advantage of a wider range of investment opportunities to attain their goals. We are the leaders in self-directed plans, custodial services, and educational curriculum to build wealth with investments that clients know, understand and control. Entrust does not accept payment from investment or legal service providers who do not disclose Entrusts' fees to our mutual clients. No investment product provider may pay Entrust fees as this may violate state and federal securities laws.
For more information, contact:
Yvonne Garcia, Business Development Coordinator
800-392-9653 x 246
YGarcia@TheEntrustGroup.com.
http://www.TheEntrustGroup.com/oakland
http://www.entrustcalifornia.com
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