What NOT to do if you are in a Short Sale situation with your home!

Submitted by Sheyenne Schultz from CA - 07/14/2009 - 2:18pm

Please note the following items:
1)Do NOT a power of attorney!
2) Do NOT sign over your deed to an investor!
3) Be aware of the offer of the "Impossible Refinance"!
4)Be aware of an offer that is promising CASH to the Seller at closing!
If there is no equity in your home, there is absolutely no legal way you
can receive cash from the sale unless negotiated by the bank.
Receiving cash from the outside of a negotiated Short Sale is Fraud.
5)Do NOT pay any money to a so called negotiating firm to represent you
in a Short Sale. Use a professional realtor who is knowledgeable in this
area and DOES NOT ask for any monies from you. In fact, you as a homeowner
do NOT have to pay ANYTHING in the short sale process.
You are already UPSIDE DOWN, so in a short sale transaction the seller
DOES NOT PAY for any commissions,closing costs, title or escrow fees...period!
You are insolvent or in a hardship situation..why would you pay any money?
There are important things to know...get the facts from someone experienced
in this area...do not risk your home going further into foreclosure.

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