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Fraudulent Short Sales and Passing the Hardship Test


Fraudulent Short Sales and Passing the Hardship Test

Important Tip: Ensure you have not made any misrepresentations on your mortgage application for your original note, home equity line or second notes. If your income is misrepresented in any way, it may be considered a mortgage fraud. If your hardship letter is not legitimate, please seek counsel from an attorney.

Agents should not list fraudulent short sales as it will put them and their seller at risk. Lenders will eventually require homeowners to submit proof of financial insufficiency, tax returns and wage information.

Fraudulent short sales are rare, but should you be involved unknowingly, make sure to execute a hold harmless agreement. Obtain a draft agreement from your attorney and have the homeowner sign.

Passing the hardship test is the very first part of the qualification process. Evaluate the seller over the phone to determine if the short sale will be viable. Should the homeowner fail the hardship test, the homeowner should agree to take a part of the deficiency or sign a promissory note. But this now depends on the lender.

The Gainesville short sale agents has had strategic short sales approved where cash contributions was not required. But you will not know that first hand, so the seller should agree to help right from the beginning. It’s great if they don’t have to contribute, but what happens when you find out at the end that they are not willing to apportion? It will be a great trouble then.

If unfortunately they don’t qualify and have to leave their home, then there will only be three options available to them: a deed in lieu, foreclosure or a bankruptcy. Ascertain that the seller is not in the middle of a loan modification process while filing a short sale this is because most lenders will not allow these two to be processed at the same time. If the seller’s loan modification has been denied, then you can use some of that document to process for the short sale.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Why Hire An Experienced Short Sale Agent | Gainesville FL

Why Hire An Experienced Short Sale Agent | Gainesville FL

When short sales became prominent in the Gainesville Florida area many homeowners, professionals and Gainesville Realtors® were unfamiliar with what is a short sale. Gainesville short sale agents

Find out how other sellers successfully completed short sale and avoided foreclosure.

Gainesville Short sales or short sales in any city throughout Florida require double to triple the amount of work. The extra effort can be very daunting. A successful short sale transaction requires all parties to be cooperative and needs a persistent, diligent and experienced short sale agent. Many agents openly admit they hate or do not understand the short sale process.

An inexperienced Gainesville Short Sale Agent will tell you:
“Stop Paying your Mortgage”
“Just Walk Away”
“Hide your Assets”
“To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be used to pay them.”

This is considered legal advice and that short sale agent just practiced law without a license and they asked you to commit mortgage fraud.

Is that the type of person you want working for you? Do you think that type of agent is ethical?

If your agent has no experience with short sales, then they may either give up or mess up during the process. Make sure to hire an experienced short sale agent that has successfully closed short sales.

Thinking about a short sale? Send me an e-mail at sasjrussell@gmail.com or call me at 352-260-0153 for a free evaluation.

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Where will the mortgage settlement fund go?

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents