Has anyone ever had a Short Sale client who is a Police Officer?

Has anyone ever had a Short Sale client who is a Police Officer or someone that has a securities clearance? Any advice on how that was handled?


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LEO's generally do not have security clearance.  Always refer to an attorney if you suspect they may have a problem. I have had attorneys contact employers and work out what may happen to sellers credit for issues such as security or business credit lines etc.

I've heard that they can ask the Dept. (depending on their situation) if they can "cover" the deficiency so a short sale can be avoided. I know you've done quite a few Joseph. My client doesn't want to ask just yet without researching more information so I figured I would ask SSSN peeps.


I can't find any information online that I can refer my client to either. Do you have one?

I have never found a short sale to be an issue for firefighters or police. His best bet, as always, is to seek legal counsel if he is concerned.
What's an LEO?

LEO's - Law Enforcement Officers.  I haven't heard of security clearance issues with short sales with police officers.  Those who mainly have problems are those in the mortgage or financial sectors or high level military or government positions. 


I'm with Joseph to defer to an attorney, who could always contact employers to find out.

Thanks Mike! Question with regard to homeowners in the Financial Sectors - I have 2 clients - one a successful stock broker who is prepared to pay a % of the deficiency and an Insurance Broker .. both have their series license. What has been your experience with that? Just curious .. thanks! 
BOTH of those I would definitely have an attorney research into more.  I do know this, that short sales do NOT effect security clearances in near as many industries as foreclosure or bankruptcy.  In my experience, few security clearances are compromised with a short sale, quiet a few are compromised with a foreclosure, and MANY are compromised with a bankruptcy.  Either way, if they are in a financial related and regulated industry, it is without a doubt worth further investigation.

So I should refer to them to a Real Estate Attorney then .. I probably should align myself with one. Is that what you have done? The stock broker guy is not late .. he can't be for fear of his job but there is a hardship (nasty divorce, alimony, etc.,) .. the insurance guy was doing trial mods for 18 months and then B of A said oops .. sorry .. you should probably short sale your home .. and after 24 months the likelihood of him foreclosing is pretty high .. it's been on the market for almost a month and I have not one call/interest on it .. perhaps because everything in Riverside County is for sale -____-

if you have a client willing to contribute cash, keep that in your pocket until the last minute, then offer 5% on the dollar to start for a full release.  I usually end up settling between 5%-10%
nice! i like that back pocket ace :D

I guess Joesph isn't in California.  :)

Joseph, we got this wonderful new law just a few weeks ago: no more deficiencies on ANY lien where the lien holder agrees to a short sale.  Not all gravy though, I'm sure the juniors will start demanding more.

Strangely, this really DELAYED my short sale.  We were all good with the short sale approval letter on the 2nd reserving the right to the deficiency, but BAC's 'management review' required removing the deficiency from the letter -after first waiting again for the MI company to say ok.



Hi Mike.  That new law I mention in my reply to Joseph below was a perfect example for the reason I wanted a California group.  Ddi you say you could send an invitation/notification of the new group to all members?



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