Founder and CEO of ForeclosureRadar.com
All these rules are ridiculous on multiple levels. The primary concern brokers seem to have is "their" data being used by someone else for profit - especially selling leads back to them. It seems that this is easily handled with a simple copyright license, like those used successfully in Open Source Software every day. Could be as simple as: 1. Limit available data to fields which make sense to display publicly. 2. Provide a single opt-out for brokers, agents, or homeowners who don't want their listing distributed. 2. Revoke license once a listing is no longer available at the source (MLS) and require removal within a timely manner (48 hours). 3. Require the display of the listing broker's company, listing agent, and primary phone at a type size and position equivalent to that of any other contact on the page. 4. Require that any abbreviated listing (tweet, map result, etc) link back to a display that includes all provided fields. 5. Require the license terms be included in any distribution. 6. Build in a clear and substantial penalty for violations. 7. Enforce it. This would instantly create tons of free advertising for every listing agent at very little cost, while enabling loads of new user experiences and innovation with less potential downside than the current idiotic practices. Sean O'Toole Founder / CEO ForeclosureRadar.com ForeclosureTruth.com
I think it is far better to say that after foreclosure a subordinate lien's "security interest" in the property is "wiped out". As Benny alludes to this does not mean the debt itself is wiped out... they can still come after the borrower (unless expressly prohibited by law, as is true for purchase money loans in CA), just not the property. Sean O'Toole Founder / CEO ForeclosureRadar.com ForeclosureTruth.com
Note typo in my comment above - 3 year bull market in the dollar not 30. Sean O'Toole Founder / CEO ForeclosureRadar.com ForeclosureTruth.com
