4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.
From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.
Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.
For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”
Duration : 0:2:47
(more…)
Technorati Tags: 1099, avoid, avoid foreclosure, ballard, bank, bankruptcy, bk, chris mclaughlin, Deficiency, dre, forclosure, foreclosure, fraud, freddie, Freddie Mac, HAFA, HAMP, hardship, illegal, Investment, investor, jeff watson, judgement, legal, Luxury, mac, MHA, mortgage, overleverage, preforeclosure, property, Realtor, sale, short, short sale, short sales, stop, trilogy
http://www.cflforeclosure.com
Cut Your Mortgage by up to 50%
Cut your mortgage by up to 50%
4/23/10 – Californi
Recent Comments