How current events impact your business and real estate holdings

Thursday, March 11, 2010

Short sales are part of foreclosure defense

Foreclosure Defense

It’s not just about short sales anymore. Remember that when a house is upside-down the lender can and will foreclose on the property. Therefore, every treatment available to a client should be looked at through the lens of foreclosure defense. The goal is to protect the rights of homeowners and to ensure that victims of predatory lending have a voice and an advocate. This can only be done by holding mortgage providers accountable and honest. In such, it’s proper to put the mortgage company on the defensive before negotiating a modification, short sale, or deed in lieu. This is done by way of a Qualified Written Request under RESPA. Also, a mandatory Foreclosure Settlement Conference is a great opportunity to have a short sale approved with a waiver of the entire deficiency. The key is that without managing the foreclosure action, a judgment in that action may undermine all of your work in negotiating a short sale. In today’s economic climate it’s essential that homeowners have a team of professionals in their corner. Both the real estate agent and the attorney must collaborate from the first consultation to achieve a positive result. It’s time to work together.

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