The only reason someone would sell their house for no money is because they were promised the opportunity to buy it back.
AAG Jim Sugarman is at it again.
He’s testified before the legislature regarding the new foreclosure law, demonstrating the cloud of confusion your office is operating under.
What our bill (HB 2791) does . . . is address the core problem . . . people were being convinced to sell their house for no money. No money whatsoever.— AAG James Sugarman
Consumer Protection Division
That’s what you think happens and that’s what you consider the core problem?
Ugh, no Jim.
Not about convincing
Let me explain (again).
People doing business with me do not need convincing. I don’t have to trick them, twist their arms, pull the wool over their eyes or do anything remotely related to “convincing.” It doesn’t work like that.
How does it work?
I show up when there are few options remaining. I let them know what I can do, and, I let them decide if that works for them.
“Being convinced to sell?”
How do you create a law to address a problem when you have no understanding of the problem?
The simple answer is, you don’t. Except, you did, so maybe the better answer is, you shouldn’t have. The problem, btw, is they’re in foreclosure.
Jim continues . . .
The only reason someone would sell their house for no money is because they were promised the opportunity to buy it back. And what we said is if you’re going to make that promise, you have to know that it’s performable, that you can buy it back, because otherwise, it makes no sense at all.
Rob, I don’t think Jim’s considered the alternative here.
Do you think that maybe, just maybe, they’re interested in avoiding foreclosure and that, in and of itself, is their motivation?
Were there not a foreclosure days or maybe even hours away, then selling a house to an investor, and doing so for little or even no money, may, in fact, make no sense.
However, with foreclosure on the horizon and losing their home the certain outcome of not doing whatever it takes to avoid it, it makes perfect sense.
We don’t do these deals in a vacuum, we do them with foreclosure fast approaching.
Suggesting it makes “no sense” for them to sell for “no money” unless they’re guaranteed they’ll be able to buy it back demonstrates yet again your office’s inability understand their motivation to do this sort of deal . . .
THEY’RE ABOUT TO LOSE THEIR HOME TO FORECLOSURE.
In the arena,