I am appalled at the type of advice some of you are offering on this thread. For example, Mr. Ceperano states, â€œSMH! It ALL depends on the negotiation and how it is reported to credit. You will be able to obtain another loan, you may even be able to do it immediatly, if it is not a gov backed program, otherwise you would have to wait the 2 years they are requiring (if they can figure out you short sold, as they don't ask). Good Luckâ€ (end quote)
Mr. Caperano and others need to consult an attorney, go back to real estate 101 and re-read their ethics books. Mr. Caperano, I recommend before speaking about matters of mortgages, you consult a mortgage professional. I urge ALL of you to read Sec VIII of a Uniform Residential Loan Application, Aka â€œ1003â€. This section has several questions that clearly inquire about mortgage defaults, deed in lieu, etcâ€¦ It appears you are advising homeowners about things you know nothing about. Rumors about what â€œso and soâ€ did on his or her last sale does not make it a fact or ethical.
Mortgage fraud, including misrepresentation of facts on a loan application, is punishable by 10 years in FEDERAL prison and/or a $1,000,000 in fines. (thatâ€™s one million for those of you who didnâ€™t pass your math class). It seems you are encouraging your clients to commit fraud.
The only sensible advice was offered by Mr. Eckler. He clearly has an understanding of our business.
Please, if you do not know the answer to your clientsâ€™ questions, direct them to a knowledgeable professional. Furthermore, please do not assume because you may have a real estate license that you are part of the aforementioned group.
This business is not a game show hosted by Jeff Foxworthy.
Mark Andren, California Real Estate Broker