Short sale schemes and scams
With all of the media reports today, both in print and television, about the real estate bubble burst and the number of foreclosures, the amount of mortgage fraud that is being uncovered and the sheer number of homeowners who just can't make their mortgage payments for whatever reason, the term "short sale" should be familiar to most people.
I have been reading other blogs and news articles about individuals and companies that promise to help a homeowner through a short sale. Some companies even promise to help the unfortunate families stay in their home, payment free, for up to a year while the lender forecloses on the property.
Please, PLEASE, if you or anyone you know is having difficulty making the mortgage payments, CONTACT THE LENDER IMMEDIATELY and try to work out a solution that will work for you and the lender. They may offer to refinance the loan, they may allow interest only payments for a period of time...they don't want the home, it is a liability to them. If a solution can't be negotiated, ask them if they will work with you on a short sale. They will probably ask that you submit a "hardship package" that includes a letter explaining why you can't make the payments. DO THIS AS SOON AS YOU KNOW YOU ARE GOING TO HAVE PROBLEMS, NOT AFTER THE MORTGAGE IS 3 MONTHS OR MORE PAST DUE. DON'T WAIT UNTIL YOU RECEIVE NOTICE OF A SHERIFF'S SALE. START IMMEDIATELY. I can't emphasize this enough, start immediately.
Many Realtors® are familiar with short sales and know the ins and outs of the process. If you have any questions, please contact me or a Realtor® that you are comfortable working with. We are here to help you and your lender, not to place blame on anybody for the situation you are in.
Bottom line is this; don't fall for the schemes and scams that are popping up regarding short sales and foreclosures today, contact your lender now and contact a Realtor® next.