Short Sale and Loan Modification Nightmares

by Jeffrey Douglass on July 28, 2009

in Breaking News, Education, For REALTORS, Short Sale

Today I was alerted via e-mail of a referral opportunity from a real estate website.  I could not believe my eyes when I opened the e-mail and read the following:

short_sale_flip

In 20 years of practicing real estate I have never seen so many schemes, scams, and funny business. It really is the wild, wild west.

Another Twitter user constantly tweets the follow:


twitter_loan_mod

When you visit the website it is very difficult to determine that it is hosted by an real estate agent.  The recent California Department of Real Estate regulation requires a Broker or Salesperson License number on all solicitation materials. Before working with an agent you should check out their license status and past experience with doing loan modifications.

Please folks, if you are in trouble seek help from reputable sources – see resources below.  Also view a great video by Hope Now on another post here.

Here is a link to the Office of the Attorney General with a Consumer Alert regarding foreclosure rescue scams. While many agencies are working to eliminate these scams, you must be very cautious and look to multiple sources for help.