Went to legal update seminar. California DRE is cracking down on the various claims and certifications of short sale "experts".
Agents crossing the line and providing "legal" consult. Telling homeowners short sales is their best option when it could be their worse option.
Those groups and individuals soliciting listing agents and promising them 3 commissions if they will give their short sale listing to them.........the scams abound...... Apparently the California Bar Association has also come down on attorneys associated with these scams.
Homeowners in distress need to consult with a real estate tax attorney and/or at the very least a CPA before moving forward in a short sale. Other options may better protect them.
How many times we have echoed this over the past years.....
Chase and US Bank are aggressively going after borrowers who defaulted and completed short sale.
She cited one case where the short sale was approved and upon further audit by the bank found questionable evidence of mortgage fraud and cancelled the short sale and now is doing investigation that may lead to criminal charges or fines on a loan that was apparently a non recourse loan...If the party had let it foreclosed would not have subjected themselves to the intensive scrutiny. This was one of our fears early on and one of the driving forces behind clients seeking legal counsel from the day we started doing short sales.