PassingThru
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Re:"MD Judge Orders Investor to Pay $510,968..." - 2006/12/15 08:24
This law does not apply if the property is non-owner occupied.
I have a case file on my desk right now from the realtor who must reply to the courts for violation of this law.
He was not acting in his capacity of a real estate agent when dealing with the owner occupant. He did not have a foreclosure consulting contract when he worked with her.
Also, the investor who purchased the property is named in the lawsuit for purchasing the property without having a consulting contract directly with the seller and not providing the notice required by law or giving her the right of rescission.
The investor decided to lease the property back to her and did not provide the information concerning the lease back and how they would handle an eviction for non-payment of rent in a consulting contract that was to be provided to the seller before entering into a contract for purchase.
The contract to purchase was a standard MD real estate contract which did not have the notice required by MD law or the right of rescission.
The hard money lender is also named as a defendant in the case.
The crux of the suit is based on the fact that the investor did not have a foreclosure consulting agreement and contract as required by the law.
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