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Beware - Banks Accused of Short Sale Fraud

By
Real Estate Agent

I am posting this educational video to assist those in the process of short sales with 2nd liens.

Some banks are requiring cash payments or payments not fully documented at settlement. From the information in the articles below, this is not legal. Look out for this new strong arm tactic.

Click here for links to the online article:
http://www.cnbc.com/id/34877347

Watch the news program here:

As a realtor, certified as a Short Sales and Foreclosure Resource, I will be glad to work with you on determining the best approach to your financial situation.

You need a professional on your side! Feel free to contact me any time.

 

Posted by

 

 

Douglas Lovitt
Washington Management Company, Inc. - Mill Creek, WA

I haven't run into this yet in Seattle, but I have a friend in CA that has knowledge of it.

Jan 18, 2010 04:32 PM
Julie Chroust
Julie Chroust, Senior Loan Officer Bay Equity LLC - Walnut Creek, CA
(925) 381-1481 jchroust@bayeq.com

I think we just ran into this ourselves before the deal fell apart last week... perhaps for the best apparently. Thanks for the post.

Jan 18, 2010 04:44 PM
Valarie Littles
Dallas, TX

Douglas - This was the first that I heard of it too.

Julie - So sorry you had to experience this.

I hope others take note and perhaps we can all do something to improve the process along the way.

Jan 19, 2010 05:21 AM
Ray Wright
Keller Williams Realty - Riverside, CA
SoCal Realtor - A.L.C. - Company Trainer & Coach

Interesting.  I have not heard that.  Thanks for the info!

Jan 20, 2010 12:10 PM