Columbus Short Sales: Don't Go To Jail by Making This Short Sale Mistake

Columbus OH – Short selling a home is not always an easy task. Many people make a number of mistakes, inadvertently, not knowing of the legal repercussions that follow.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/

If you are someone interested in selling their house via short sale, then you should be aware “buy and bail”. Buy and bail is a mistake some short sale sellers make by purchasing a new house and walking away from the old one because it is 'underwater.’

This is a method that short sale sellers may use because they feel that their current situation may never improve. So, they buy a new home at today's lower prices.

This is considered to be ‘mortgage fraud’ and could have serious legal consequences and that’s the last thing you want.

Many homeowners may buy and bail and believe that what they are doing is justified because they were misled. For example, a real estate agent may have led the buyer to believe that home's value would never fall.

Another possible scenario is that a bank may have told the homeowner that refinancing would be an option that would always be available to them. Then, the bank changed their lending policies and the buyer cannot obtain a new loan.

These are scenarios where a homeowner may feel like they were deceived. Do not make the mistake of doing this, no matter how deceived you may feel, because you may end up going to jail.

Buy and bail is considered a mortgage fraud because often the borrower does not reveal certain information such as their intention to discontinue making payments to another creditor.

That is the part that is considered fraud. It is punishable by up to 30 years in prison and a fine of up to $1,000,000. Doesn't sound like fun, does it?

If you do want to short sale and buy another house, then make sure you talk to competent legal counsel before trying this or a similar strategy. They will be able to tell exactly what is illegal and what is now legal. With their guidance you may be able to buy another home and then short sale and do it legally. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com.   I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.  http://columbusohshortsaleadvisors.com/

Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.  http://columbusohshortsaleadvisors.com/

Thanks for reading this, Robin Lemmons.

Robin is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495

Email: robin.lemmons@kingthompson.com

A Zest For The Best

View My homes for sale at www.rickandrobin.com.

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Important Notice

Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on Columbus Short Sales: Don't Go To Jail by Making This Short Sale Mistake is provided as a courtesy to our viewers to help them make informed decisions.