With the recent mortgage crisis and the economic troubles that followed, the governments are looking for someone to blame. Real estate investors in North Carolina are facing yet another piece of legislation that will diminish their freedoms – hurting not only them, but also the many people that they help.

Termed the “Homeowner and Homebuyer Protection Act”, NC Senate Bill 1015, this bill takes several bold steps to eliminate some individual freedoms that exist in the real estate market today. In addition, it would give a huge competitive advantage to the same mortgage companies and banks that got us into the economic crisis in the first place. Last year, a compromise had been reached by all industry stakeholders on a bill that was designed to regulate foreclosure rescue purchases, lease purchase options and contracts for deed. Unfortunately, the version of that bill was reintroduced into the North Carolina House and is completely different than the one that was agreed upon. The huge lobbying power of the major banks and mortgage companies are once again swinging the laws into their favor. Read the rest of this entry »