|
NARHRI stops effort to ban "Subject To" transactions in the state
By John Grant  | | John Grant | | The National Association of Responsible Home Rebuilders and Investors (NARHRI) is pleased to report that, for the third time, we have been able to stop a piece of legislation aimed at ending all "Subject To" transactions in North Carolina. We would like to thank all of our supporters, especially those in the state, as well as the North Carolina coalition and their lobbyists, for their essential work in helping to prevent this law from passing. If this measure had become law, it would have been devastating for a large number of investors in the state. NARHRI recognizes the problem posed by foreclosure rescue schemes, not just in North Carolina, but nationwide. Our advocates work with lawmakers and attorneys general around the country on ways to eliminate these scams from our industry. This year in North Carolina, NARHRI reached out to the sponsor of this legislation in the spirit of compromise and later submitted a variety of alternative language that would have directly addressed rescue scams reported in media outlets throughout the country. Lawmakers in the state remain committed to passing legislation addressing foreclosure rescue scams, and NARHRI will continue its work in the state on behalf of our members. NARHRI plans to improve outreach to lawmakers in the state through our Community Appreciation and Rehabilitation Educational Services program (NARHRI CARES) and through additional meetings. Through this hard work, NARHRI believes that a reasonable solution can be reached on this important consumer protection issue. NARHRI hopes, although we are not overly optimistic, that the efforts for a complete ban on all "Subject To" transactions will come to an end. The legislation introduced in North Carolina for the past few years has been deceptive in its intent, as efforts to ban these transactions have been cloaked in various impossible-to-comply-with provisions such as bond requirements and letters of permission from lenders. The legislation is also completely isolated in terms of its strategy to stop foreclosure rescue scams. While legislation in other states may not be perfect, those efforts are focused on a specific transaction that is almost always the focus of investigations and media articles related to foreclosure rescue scams. Proponents of this ban on "Subject To" transactions have never offered any substantive empirical data linking it to the problem of foreclosure rescue scams. Instead, their failed campaign has centered on slandering the real estate investing industry. NARHRI looks forward to raising the level of discourse in the state on this issue, and reaching a resolution next year. Our work on behalf of our members continues into the fall, not just in North Carolina, but in many states throughout the country.
The National Association of Responsible Home Rebuilders and Investors (NARHRI) is a Washington, D.C.-based association representing independent real estate investors, state real estate investor clubs, real estate speakers, and corporations with interests in real estate investing. NARHRI's goal is to unify honest, professional investors and protect consumer interests, while at the same time defending the industry from overzealous legislative and regulatory proposals. NARHRI's national network of lobbyists educate investors, lawmakers, government officials, and the media about the benefits of the industry and the best practices for weeding-out rogue investors. . . . John Grant is the executive director of NARHRI. He can be reached at 202.607.7580.
|
