Is it worth getting the Deed even though HUD, State attorneys general & others are saying that the 1st sign of “foreclosure rescue fraud” is when an “investor” gets the deed to your house?
I know the fraud that HUD & others talk about is the sale/leaseback thing which is a completely different animal than short sales.
My attitude is if getting the deed could mean a potential lawsuit, then I won’t do it. There are plenty of short sale fish in the sea even if I lost a potential deal b/c I didn’t get the deed.
If you dont feel comfortable with something, dont do it.
Getting the deed on a potential short sale doesnt mean much if the house has no equity. You can always hedge your risk by recording a memorandum of agreement, clouding title.
Makes sense chilipepper. Most of the properties that I’m dealing with have little to no equity, which is typcial today’s climate.
If you disclose everything to the seller that is required by law I don’t see a reason to be sued.
There are some forms you have to ask the seller in foreclosure for example to sign to protect you from lawsuits.
Actually you can get sued for many things. But if you did your job right chances are no one will win them against you.