CAUGHT SHORT SALE FRAUD B of A --Seller and Buyer are Son selling to Mother and lease back!

Las vegas Nevada.  Short Sale Seller Lists Home with a major Real Estate Company as Short Sale.  Sells the same day.  Turns out in another court action Seller goes on record admitting Short Sale and having a 12 month lease.  Denies any Affidavit of Arms Length Transaction in closing documents from BofA.  In followup of sam court issue (Divorce)  Seller now states the the 12 monthe lease in in his wifes name.  FRAUD....right?  My real question is can anyone email me the actual BofA Affidavit of of Arms Length Transaction?  I need it to get it into the court record next Tuesday.  HELP!

 

Thanks,  [email protected]

661-665-0000 

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Replies to This Discussion

Permalink Reply by Valerie Pressley on March 6, 2011 at 11:11am

Hi Larry,

It just so happens I have one for you.  I just did a short sale with a father/daughter buyer/seller combo because someone referred them to me.  I warned them that this document might surface, but they wanted to try it anyway.  We were up front about it and, of course, the sale was declined.  Let us all know how this one turns out!!!

 

Hope this helps,

 

Valerie Pressley

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Permalink Reply by Alan Remigio on March 6, 2011 at 12:08pm
Larry, this is not as cut and dried as you think. I'm not an attorney, but, fraud is a criminal act. You need to find a statute, state or federal that applies to that situation. I'm not from Nevada, so you need to discuss this with your AG. You might be surprised. BofA's rules and guidelines, as well as many other lenders, are just that, rules and guidelines. Some rules correlate to actual criminal laws. Many of us tend to throw all lender rules and guidelines into the same box as civil and criminal laws. I don't know your reasons for your actions, but the plaintiff, should they want to pursue is BofA. They give your situation teeth. Chances are they may not pursue because of economics, bird in hand...etc. If they aren't making a complaint, or won't pursue one, you may be spinning your wheels.
Permalink Reply by Bobbie Files on March 6, 2011 at 1:10pm
I am sorry, but I am a bit puzzled. Did this already close? If so, why are you having ANY documents signed? I am from MA and there is no laws that prevent a son from selling to s parent. It is only fraud if they lied when they filled out an Arms Length, if no arms length was requested with the short sale approval than they were under no obligation to offer the info. BofA has only given them out on a small percentage of the short sales I have closed.

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