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STAND-OFF WITH FREDDIE MAC OVER SHORT SALE ADDENDUM - ALTA GETS INVOLVED
PRESENTING THE SHORT SALE ADDENDUM YOU CAN'T SIGN! Agents hold on to your wallets as this could cost you big time! This is just too big and important to let one blog article suffice. And developments on this are occurring quickly. The problem was pointed out in my re-blog Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK SO!! on September 9, 2011.
On September 3rd there was a telephone conference call between ALTA (American Land Title Association) staff in Washington, DC and Freddie Mac’s Short Sale team to specifically discuss the addendum reproduced in Freddie Mac Short Sale Addendum - Item #13 - I DON'T THINK SO!! . No resolution was then reached and as of today, none has been presented.
According to the below emailed alert to certain ALTA members (including our title underwriter), the problem with the document goes much further than even reported in my earlier blog article. ALTA points out that (1) the document requires closing and escrow agents to certify information that is not available to them; (2) the document places a negligent misrepresentation standard on the escrow / closing agent that requires the escrow / closing agent to use reasonable efforts ... more
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