California Short Sale Sellers....Do Not Be Intimidated, You Have Rights

Today my negotiation team and I had a shocking conversation with a short sale negotiator representing Specialized Loan Service (SLS). The negotiator threatened to contact the seller and threaten (his word) into offering something to make this deal work....or force (his word) the agents to pay from commission.

THREATEN!!

Wow....I was stunned!

Now for starters...In California, this is illegal! A law passed this past summer, SB458, the short sale sellers cannot be asked to contribute money, or promise of money, in exchange for a short sale approval. Additionally, it extends the anti-deficiency protection for sellers on all loans, not just the first.

I guess the SLS negotiator is not up to speed on laws that affect his business.

The conversation came to a halt after that outburst as he hung up the phone before I could educate him on the folly of this line of action. So far....the seller has not been contacted. Perhaps he was trying to scare US? I'm not sure! What I am wondering is whether the negotiation department of these lenders is turning to old REPO tactics....are my knee-caps in jeopardy?

In this post, I want to make it clear to all California Short Sale Sellers that you have rights! You cannot be intimidated into making poor financial decisions. You might need help.....and perhaps that's legal advice (which this post is not intended to replace....I'm not an attorney and am not giving legal advice). Do not under any circumstances listen to the scare tactics of a lender's REPO-Man without thinking it through and talking with the professionals who are helping you.

I'm so angry.....I could spit!