This morning I read Millions at Risk of Foreclosure Fraud and was dismayed by some of the inaccuracies in the article.   I agree with the author, especially with the need to draw attention to the growth of foreclosure scams, but the article sours when he relies on the information from his experts to be accurate and credible.  The glass is not always half empty. Where is the mention that there are companies with integrity, dealing with short sales as an alternative to foreclosure?  I am biased of course, but one would think that a company like BGS3, which is currently processing nearly $250M in short sales and helping thousands of homeowners, would be questioned about their system and how their services are entirely free to the homeowner.
 
So where were we misinformed?  It was suggested that it is against the law for foreclosure rescue companies to negotiate with banks on behalf of the consumer.  Not entirely true!  I have attached a link to one financial institution's website where a form authorizing a third-party to negotiate on their behalf is downloadable.   https://www.myauroraloan.com/docs/Authorization_Form.pdf I could list dozens of links or contacts of where to access these authorization forms but this is why our Realtor partners turn to BGS3 for help in processing their short sales; we simply get them done.
 
It was also suggested that a short sale is considered as bad, by the credit scoring system, as a foreclosure. Not entirely true!  I have attached additional links to explain.  www.program3648.org   http://activerain.com/blogsview/699668/BGS3-Clears-up-Common  Even if the impact on a FICO score is the same temporarily, the most important factor a homeowner is concerned about is how soon they will be credit worthy for homeownership again. Fannie Mae has made it clear that the guidelines and timelines for underwriting after a short sale are far more favorable than after a foreclosure or deed-in-lieu.
  
At BGS3 we do our best to be current on the facts facing our industry.  Additional information is available at www.bgs3.com or www.program3648.org.