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Is the California Short Sale Agent a Foreclosure Consultant?
With the impending July 1, 2009 deadline for those acting as foreclosure consultants in California to register with the Attorney General's office and post a $100,000 bond, the question that still has not been definitively answered is, "Can a real estate agent doing a short sale cross the liine into the arena of a foreclosure consultant?"
Given the fact that landing on the wrong side of this law could result in a year in jail and a $25,000 fine, it would seem prudent to get this right.
Calls to the California Association of Realtors have yeilded opinion from staff that argue both yes and no. One legal eagle at CAR said that a "conservative" interpretation of the law would be "yes, agents could be considered foreclosure consultants and not exempt", while a "liberal" view would suggest that agents wdo not act as foreclosure consultants.
The crux of the matter for me is in how the law spells out very clearly what actions would be considered those of a foreclosure consultant, such as dealing with a lender to postpone a foreclosure. Not sure about you, but several of my shortsales have involved postponing sale dates.
So what do you think?
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