Foreclosure Protection for Sellers ??

[enricosuave]

I read somewhere that various states have laws to protect Sellers from being cheated out of their equity by REI's once a Notice of Default has been published.  Is this true?  

How much do you usually allow the Seller to walk away with in cash profit to ensure the deal he'll sell you the property?  Or are most just looking to get out from a foreclosure on their Credit Record??

[jmfb]

One law that I have read about in Maryland (I believe there are a few more states on the East Coast that this is effective as well). If an investor buys a property from a home owner that is in foreclosure and resells the property with in 18 months, the investor (by law) owes the previous home owner 82% of the profits made on that deal.

Crazy Stuff……..

[enricosuave]

Anybody else got a list of states this applies to?