Real Estate Blog - Fair Debt Collections Practices Act

Home : Blogs : Chuck Willman, Arizona Realtor® 480.292.0600 : Arizona Real Estate Specialist

Fair Debt Collections Practices Act

FDCPA If you're working with persons involved in a short sale there are a few things that go beyond typical agent advice.

Some of them have to do with financial and legal matters.

For these areas I advise my clients to seek competent legal and financial professionals.

Should they receive creditor calls, I make sure they sign a cease and desist letter that allows them to refer matters of the short sale to the listing agent.

I also provide a link to the government's Fair Debt Collections Practices Act pdf.

This gives them a good reference point for their rights.

There are plenty of resources out there that will assist in matters ouside the scope of the real estate agent.

Posted by Chuck Willman, Arizona Realtor® 480.292.0600 on 03/01/2008 11:58 PM

Comments (8)

Debt in the ActiveRain Channel

fdcpa

Originally posted at: Arizona Real Estate Specialists: Fair Debt Collections Practices Act

8 Comments on Fair Debt Collections Practices Act

MAR

2008

You are giving excellent advice here, Chuck. We cannot stress how important it is that clients and/or prospects go directly to the source for expert answers to their questions. I handle short sales in Camarillo, CA and always recommend several third party professionals to assist in providing consumer information.

"Active Rain members are not qualified to give legal or tax advice and Active Rain does not guarantee the accuracy of its members' information. All readers/clients are strongly urged to contact a real estate attorney or certified public accountant to obtain legal or tax advice specific to their personal situation."

Exactly Barry. I realize there are agents who feel a need to be the end-all to their clients but, unless we have the proper credentials it's best to refer these matters to those who do.

Chuck- Very good advise. I have a disclaimer on my short sale posts too. We tell our clients that it may or may not be in their best interest to do a short sale. If they lied on their mortgage application we will not take the listing and have turned some down for that reason, because they are then going to have to reveal their lie and we don't want to be a part of that. Katerina

Katerina: these short sales can be tough... sad... frustrating. For this and other reasons many agents will not do them. I'm glad you're willing to give the advice and take them on... for those who need them it's nice to know they have an agent doing due diligence.

Thanks for the advice...and the link. The only part of end-all, be-all I try to be is a resource of "go-to" people. It is like when someone feels ill: they go to a general practitioner who refers them to a specialist or someone with experience in a particular area.

Kent- I take the same approach as you... I think it's a sound practice.

MAR

2008

Very good reference, thank you.

MAR

2008

You're welcome Lisa... this is a document that I don't enjoy sending (due to the circumstances that necessitate it) but it's helpful for those in need.

This blog does not allow anonymous comments