One of the big real estate news items of 2010 was the passage of legislation that required home-owners to become licensed mortgage brokers in order to carry financing on properties they were selling. This was bad for the market and was legislation that did not make sense.
I want to set the facts on this matter straight. Owner carry financing is extremely important to the market and to the economic recovery. Governor Hickenlooper signed bill 11-1022 on March 1st to address this. Please see Bill 11-1022
This bill makes it perfectly legal for a homeowners to carry financing on properties without obtaining a mortgage originators license. A homeowner may finance up to three (3) properties every twelve months. If you are considering buying or selling a home and utilizing Owner Carry Financing, make sure you are working with an agent and more importantly, a title company who is knowledgeable with the laws in regards to this issue.
Please be aware, this is not an attempt to be legal advise. If you should need legal advise and how this law could impact you be sure to seek the help of a qualified attorney.
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