Posted by JohnBoy on November 30, 2000 at 24:35:14:
Your lawyer has “flipping” confused with “Loan Fraud”!
Flipping is not illegal. Loan fraud is!
What kind of a flip are you trying to do? A retail flip or wholesale flip?
A retail flip that you depend on your buyer to obtain new financing could be tuffer to pull off because of lenders cracking down on funding deals where the seller hasn’t held title to the property for less than 12 months.
If you are wanting to flip to a rehabber for wholesale then just find one to sell your contract too! It is not illegal to sell your interest in a contract to someone else. If they want to buy it and pay you for it, then there’s no law that say’s they can’t!