3-Freddie Mac-What is Short Payoff Fraud? Foreclosure
Monday, July 5, 2010 11:154/23/10 – 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 …
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