Shortsale Sellers-Mortgage Fraud-Use Those Words Carefully!

By
Real Estate Agent with Better Homes Realty - BH Referral Associates

Mortgage Fraud -Think and use these words carefully if you are a short sale seller!  I say this because I have seller's calling me from all walks of life...from different states...with different situations..short sale situations and some sellers choose the words mortgage fraud!

When I hear mortgage fraud...I ask immediately...have you called an attorney? In most instances..a REALTOR is the first person they call..and in some instances its just been me!

My advice to sellers:

Be very careful using the term mortgage fraud..you may in fact implicate yourself!  Seek the advice of an attorney..especially if you have..a stated income loan...or You know the 1003 application...has false information..after all you signed the darn thing and that signature might be enough to implicate yourself.

My advice to REALTORS:

Ask thought provoking questions..you'll get the answers...and most of all listen..and the next time you speak to a short sale seller let them know..their very own actions might in fact implicate them.  Remind them you are not an attorney..and that they should in fact..seek the advice of an attorney!

Has a short sale seller contacted you and used the words Mortgage Fraud and what advice did you give them?

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Topic:
Home Selling
Location:
Florida Volusia County Daytona Beach
Groups:
All Things Florida
ETHICS and the REALTOR
Mortgages
Realtors®
Short Sale REALTORS®
Tags:
mortgage fraud
implicate sellers
selling advice
advice to realtors
attorney
midori miller
daytona beach real estate training

Comments 16 New Comment

Anonymous
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Rainer
7,117
Sheila Santini
GRI
Waterfront and Boaters paradise Realtor!

Legally we are not to give advice, only opinion that is with in our professional expertise on how to market and offer for sale a home, negotiate a contract, manage contingencies etc etc etc.  Most of my Short Sale Clients have been referred to me by an Attorney, its really nice when they start there, then call.

September 07, 2008 11:04 AM
Rainmaker
1,575,854
Lou Ludwig
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO
Ludwig & Associates

Hi Midori

I have to agree, you have to be very carful with short sales regarding the possibilities of sliding into a mortgage fraud situation.

Good luck and success

Lou Ludwig

September 07, 2008 12:34 PM
Rainer
151,349
Fred Chamberlin
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
Guild Mortgage Co - Oak Harbor WA

Wow, Midori, another insightful well worded post. Great job.

September 07, 2008 05:41 PM
Rainmaker
629,967
Don Rogers
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes
Keller Williams Realty Chesterfield

Midori,

I so need to get more knowledgeable in this arena of short sales.  Thank you ma'am for a timely post.

September 07, 2008 08:53 PM
Rainmaker
573,438
Neal Bloom
Realtor CRS-Weston FL Real Estate
Keller Williams Properties, Weston FL

Did you say fraud? Lot's of suspected here but I just try to steer clear of it and not let anyone pass it on to my clients.

September 08, 2008 06:51 AM
Anonymous
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Rainmaker
454,032

Midori Miller

Homes In Fort Lauderdale, Real Estate Training - R
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