You are seven months behind in your mortage payments to your first and second mortgage
and in fear of a foreclosure complaint being served upon you. A company then contacts you
stating they will handle the short sale of your property,claiming it will be a smooth process.
The company requires that you leave the property and also deed your residence to them. They
give you a check for $2,000.00 and you feel secure that you will not have any liability for your
two mortgage payments.
Well, the company will simply rent your house to a third party until your house has been
sold at a foreclosure auction which could take up to two years after you have left your home.
In addition, the unscrupulous company ,who you believe is there to protect your interests,will
attempt to short sell the property and keep the monies paid by lenders as a short sale incentive.
Often, the short sale will never be accomplished and months or even years later, you will be served
with a foreclosure by the lender for the property,which you thought had taken care of by the company
which had paid you the monies to leave the property.
In May 2012, an owner of a company in South Florida was arrested for scamming dozens of individuals
who deeded their property to the company with a promise of a "short sale" and no liability on their
mortgages for the property. A short sale is often a poor scenario to resolve the negative equity issues of owners of real property. Please contact the law office of John E. Mufson P.A. at 561-272-1003 to discuss
the ramifications of a short sale.
