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Short sales in the greater New Milford CT area, warning from CT DCP and CT DOB

May 10, 2011

short sales new milford ctShort sale negotiators (any debt negotiators) in Connecticut must be licensed by the CT Dept of Consumer Protection, unless the person doing the negotiations is an attorney or a real estate agent. These people are covered by the license they already have. A licensed debt negotiator in Connecticut is only allowed to collect a maximum $500 fee for negotiations on a secured debt at closing, from either the mortgagor or debtor, and only upon the successful completion of the debt negotiation.

A warning has been issued today to all real estate licensees by The Connecticut Department of Consumer Protection and the Connecticut Department of Banking that they are investigating complaints that short sale negotiators are entering into agreements with the consumer and the real estate agents who represent the owner of the property to receive portions of the real estate commission meant for the real estate broker. This is against the law!

Real estate brokers and agents are not allowed to, by law, share our commissions with anyone that does not hold a real estate license. This puts every one at risk. You can read more here from the Connecticut Department of Banking.

If indeed you are approached by either your debt negotiator or your real estate agent that this is common practice, please remember that all parties concerned can get into serious trouble and will be breaking the law. Home owners who are underwater, who cannot pay their mortgage, who owe more than their house is worth and are now finding themselves unable to pay their mortgage should consult with a qualified short sale real estate agent and/or attorney. If your real estate agent brings a short sale negotiator on board, make sure they are licensed, and that they are not asking you to help them break the law.

If you would like more information on short sales in the Greater New Milford, CT area, please call me at 203.460.1775, or send me an email at the contact below for a confidential interview.

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