If you are related to someone who is upside down with their mortgage...has missed more than one mortgage payment for whatever hardship reason....illness, death of a spouse, loss of job or decrease in earnings, a mortgage that adjusted beyond an affordable payment...or some combination of these problems.....you can empathesize, sympathesize but if you are a realtor...you cannot list the property OR even get a referral fee for the listing. Lenders are united in this prohibited practice. Just as sellers are not permitted to receive any proceeds from a short sale, relatives are not allowed to benefit either. This eliminates any suspicion a lender may have that the seller could benefit...from a sympathetic relative who may feel the homeowner deserves some kind of compensation.
If you have a brother, sister, mother, father, cousin, aunt, uncle....whoever the relative that is upside down and needs to sell their home. Call us...we can refer you to a qualified short sale specialist anywhere in the country....you can't help them....trust us to find someone who can. Locally call: 414-525-0563 or nationally toll free: 877-525-0563. Prompt service and proven results from professional you can trust.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Good post. Lenders do tend to frown on family members buying the place.
It isn't just buying,....you can also not be the listing agent OR referring agent...no commission...no way.