New Rhode Island Law

brendo927 · #1 (**permalink**) 02-12-2007, 09:22 AM

RHODE ISLAND: Revised the "Miscellaneous Restrictions" column to indicate the new state restriction of refis on O/O within 60 mos is prohibited unless the refi has a "tangible net benefit". Previously a 24 mos restriction only applied to Providence high cost. However, in light of the Home Loan Protection Act, the entire state is now restricted to the prohibition of refis within 60 mos

Just a summary of what just happened to Rhode Island. No refi's within 5 years unless there is a big benefit....this will hurt my office real bad.

brendo927 · #2 (**permalink**) 02-12-2007, 09:25 AM

A lot of lenders are pulling out of Rhode Island. This law is only goin to make foreclosures go up.

Erik · #3 (**permalink**) 02-12-2007, 09:36 AM

Quote:

Originally Posted by brendo927

This law is only goin to make foreclosures go up.

Exactly right. I find it hard to believe this is actually a law. Insane! I won't be surprised if this law is changed pretty quickly.

brendo927 · #4 (**permalink**) 02-12-2007, 10:55 AM

Yea but it will take a while...mass did the same thing only to ammend the law. I don't know how this affects brokers but it sure hurts in the retail side.