Missouri Residents: Phone calls needed to Your Representatives In Congress: regarding Seller Finance and HR1360
HR1360 the Seller Finance Enhancement Act will make it easier for real estate investors to sell homes to owner occupants, helping especially home buyers who struggle to obtain a home loan because the value of the home is under the price range that traditional banks and mortgage lending companies serve. Learn more about HR1360 and the Seller Finance Enhancement Act and how you can help at www.SellerFinanceCoalition.org
Recently Attorney Jeff Watson who is working both on behalf of National REIA and the Seller Finance Coalition recently sent out a request for residents of Missouri to reach out to their congressman with the following message. He specifically requested calls to Emanual Clever in Kansas City and William Lacy Clay in St Louis called as they sit on the Committee that will be the first to learn about HR 1360. He also needs calls made in Milwaukee WI.
Contact here in Missouri:
- Emanual Clever II the Democrat from Kansas City in the 5th District
- Phone (816) 842-4545
- William Lacy Clay Jr the Democrat from St Louis in the 1st District
- Phone (314) 383-5240 – Florissant
- Phone (314) 367-1970 – St Louis Office #1
- Phone (314) 669-9393 – St Louis Office 32
Hello, My name is ___________________and I am calling about my home located at ________________( name the street and city in his district).
In the recent past your staff took one or more meetings with members of the Seller Finance Coalition to discuss HR 1360.
As your office may recall, the Seller Finance Enhancement Act would:
- Amend the Dodd/Frank to allow up to 2 seller-financed transactions per month (24/yr.) without the need for the seller to be licensed as a mortgage originator.
- Require that the Treasury Department study the LVH (low value home) market over the next 3 years and report back to Congress with suggestions for steps to improve the sales and financing of these homes. The access to capital to buy homes in your district has been reduced by Dodd Frank.
- Additionally, HR 1360, does not remove any of the safeguards related to these transactions. Seller financiers must still comply with “ability-to-pay” portions of Dodd-Frank, as well as interest rate rules and the ban on balloon payments.
The Seller Finance Coalition and our over 40,0000 members ask you to support or co-sponsor of HR 1360. Thank you for your time and service in Congress,