Have Anyone........

Comments(8)

• 
  TheShortSalePro25th November, 2004

  Snatching the deed is not only unnecessary, but snatching the deed flies in the face of most mortgagee short sale criteria.... and places your deal in jeopardy.
  
  Many times the Seller is asked by the foreclosing mortgagee as a condition of short sale approval to acknowledge, in writing, that they have done nothing to transfer ownership to a third party. If they've executed a deed, (recorded or simply shoved into a folder to be recorded later) they must lie. If the Buyer encourages the Seller to lie... the Buyer becomes complicit in this material omission of fact.
  
  What is an intentional material omission of fact on a HUD1 governed transaction called?
  
  It's called fraud.
  
  Will you get caught? Maybe not today... maybe not in 3 months, maybe never... but if the mortgagee's atypical transactions are audited... or the Seller later files a complaint... you might.
  
  If you tell the mortgagee up front in the short sale application that the mortgagor no longer owns the house.... that the mortgagor has deeded away the property.... then there is no intent to conceal information.... no fraud.... but you might be stepping on your own foot...
  
  Why jeopardize your deal for a totally unnecessary act?

• 
  focusonmoney25th November, 2004

  But what if you get the deed and put the property in a Trust? I heard that you are protected because they are not transferring the deed, they are transferring the trust to you..

• 
  TheShortSalePro25th November, 2004

  Now you've heard a different perspective...
  
  How does the property get into the trust? By deed, perhaps?
  
  Still smacks of trying to conceal a material fact from a HUD1 governed transaction.

• 
  focusonmoney25th November, 2004

  How does it smacks smacks of trying to conceal a material fact from a HUD1 governed transaction?

• 
  focusonmoney25th November, 2004

  So short sale pro tell me how you do a short sale. Do you just get the property under contract?
  
  Thanks for letting me know cause if thats all i have to do that would be great for me...

• 
  TheShortSalePro25th November, 2004

  How do I do a short sale....? By the way, why don't you read my essay , " Selling a Short Sale to the Seller...."
  
  Once the ss candidate (mortgagor and property) has been prequalified as having merit.... I use:
  
  1) a straightforward transaction that is both beneficial for the Seller, and satisfies my preforeclosure short sale acquisition criteria,
  
  2) full disclosure to all parties,
  
  3) a handshake, and a signed, executory contract for sale, and a commitment to the Seller's best interest.
  
  That is the construct for successful short sales.
  [addsig]

• 
  focusonmoney25th November, 2004

  Where do i go to read your essay?

• 
  TheShortSalePro26th November, 2004

  Cick on "my profile" and under news items submitted, find a number of essays I've submitted.