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Short Sale Flops May Send Broker to Prison Read about the latest scandal associated with the housing market, short sales, and what happens when you break the rules. Update on the Successes and Failures of HARP Read about what is going on with the Home Affordable Refinance Program and whether this program for underwater homeowners will continue.
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Short sales are now a hefty part of the real estate market. Short sales are the process of selling a home for less than the stated mortgage balance. The process unfortunately has allowed a tremendous amount of fraud to occur and with more purchases going through the short sale route, this is simply another concern potential buyers must be aware of.
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Mortgage data aggregator CoreLogic has launched a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan application.
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In a previous study, CoreLogic – which conducts a monitoring program designed to help lenders detect short-sale "property flops" by alerting them when there’s more than one loan. executed sales contract and requests a short sale prior to Chase sending an SSN.
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