Recently one of my sellers attempting to Short Sale their property in Sarasota, Florida received a letter from an attorney out of our area. The heading of the letter read that the correspondence was part of the "National Default Division". The letter went on to state, "We expect that ownership of the property will be transferred to CitiMortgage, Inc. probably within the next 120 to 160 days" (which would typically Not be true, given the timing the letter was received). The letter further concluded that they were attempting to work out an agreement to allow the owner to stay in the home as a tenant to pay rent after they took ownership of the property. The letter requested that the owner provide confidential information to a law firm that represented the lender and requested the homeowner's social security number and salary information. The letter later concluded, "This is an attempt to collect a debt and any information obtain may be used for that purpose".
Wait a minute! ... Is this right? Should a homeowner provide confidential information to anyone working Against Them without proper representation? The answer should be obvious ... NO.
What if a homeowner cannot afford to obtain legal advice? Usually there are many no-cost options for someone that cannot afford an attorney. One option could be to contact legal aide in your community, which may be able to provide an attorney or provide legal advice. However another consideration to learn about all the options to foreclosure, is to contact someone experienced in working with homeowners facing foreclosure. Otherwise contact a Short Sale Real Estate Agent in your area.
Why should I contact a Short Sale Real Estate Agent if I don't want to sell my house? An experienced Short Sale Real Estate Agent can assist you in understanding all the possible options to avoid foreclosure and why it is so important to try to avoid foreclosure. In addition, a Short Sale Real Estate Agent can provide resources to homeowners as they receive various communications from their lender. If you agree to hire a Short Sale Real Estate Agent, they will usually correspond directly with your lender on your behalf, to work towards a better alternative to foreclosure.
How much does is cost to hire a Short Sale Real Estate Agent? Usually a Short Sale Real Estate Agent is paid by commission, only if they are successful. Otherwise they usually do not charge anything unless they are successful in helping you avoid foreclosure. Often a Estate Broker's fee is paid as an expense to the lender to complete a Short Sale, so there is normally no out of pocket expense to the homeowner. In conclusion, a Short Sale Real Estate Agent's fee can be free to the homeowner facing foreclosure and their service can greatly benefit someone facing foreclosure.
For more information on the options to foreclosure, visit www.TroyFunk.com, Troy has been a licensed real estate agent in the Sarasota, Florida area for over 24 years and works for Keller Williams Realty on the Water. He writes articles for www.SarsotaShortSaleBlog.com and also leads the Troy Funk Team, which has closed over 100 bank-negotiated sales in the Sarasota, Florida area in less than a year. For information on Short Sales available for sale in the Sarasota area, visit his website, www.SarasotaRealEstateGallery.com