THE FREDDIE MAC SHORT SALE ADDENDUM- DON’T DO SHORT SALES, THEY WILL COME BACK TO HAUNT YOU!
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I do not have my clients do short sales for a very simple reason. Although there are tax reasons which can be advantageous through the end of 2012 to avoid the debt forgiveness income problem, foreclosure without a deficiency judgment amounts to the same thing. A short sale makes the homeowner do the foreclosing party’s work to sell the property, does not help the homeowner and creates a clear title for most sales in the states in which I practice because only the homeowner can clear the title from the MERS defect and/or the ineffective paperwork which purports to secure the property. I don’t know why anyone would go even further and assume liability for the defective titles in favor of the GSE. Talk about trying to have the cake, eat the cake and re-sell the crumbs.
Attorney Wendy,
Attorneys like you destroy your clients out of ignorance, stupidity or possibly greed to sell them other legal services that are not as beneficial to your client as a short sale. Shame on you.