I’ve posted this in the legal forum also because it seems like it might fit in both. I have a client that is a licensed insurance salesman. He is interested in the idea of a short-sale, but is worried how that might affect his securities license(s). Anybody know about these things? Thanks.
Dean
Dean,
It is against forum rules to make the same post in mulitple forums…the one in the Legal area has been removed…
Sorry.
Keith
Moderator
Ok. This one’s a tricky one. I wasn’t sure where to put it. The people here in the short-sale forum may have seen this come up more often, but the people in the legal forum may know more about the legal technicalities. Ugh! Anyways, hopefully some good responses. Thanks all.
Dean
Well one of my ss clients is a licensed insurance agent AND certified financial planner. As far as I know, doing a short sale would not have any direct affect on her license - since they don’t check her credit when she goes to renew her licenses or take continuing education classes. However, if it were ever discovered that she had gone late on her house payments, it may not do much for her reputation as a CFP.
There is no traceable documentation of her short sale situation aside from her personal credit report. Also, selling your home short is (so far) not a crime, so it would not preclude her from getting licensed or certified in insurance or securities. However, perhaps some of the other Series licenses require a credit check???
I agree with DealHunter. The only issue I see is the reputation within the community. However, some companies do run credit reports on their prospective employees and poor credit may hurt his future job prospects.