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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Midori, this is one of the best posts I have seen on the topic of short sales. I see people rushing into short sales very often without pausing to consider the consequences. Mortgage fraud allegartions can be a real concern, along with Federal and State tax implications on the payoff shortage, and the possibility of remaining personal liability on the shortage.
Sometimes getting a short sale done is not a service to the seller.