illegal to only offer short sale option to Pre/ NOD?

[OregonREI]

I recently heard from a title company that it is or may become illegal to only offer the option of a SS only. Is this true? I am unsure if this was a nationwide requirement or state wide only. If this is true, then does this requirement stipulate what options need to be considered? My thinking is that you should have the seller sign some sort of document stating something to the effect that all options were considered and what the options were as to avoid future lawsuits.

Has anyone heard of this? What creative methods are being used to handle this?

Thanks in advance as always. Best Regards,

Chris

Oh and guess what? My wife delivered our 3rd child on Saturday - a baby girl. Her name is Tessa and she is perfect. Very excited. Now I need some business to ensure her a great future. Ciao!

[Mdhaas]

Oh and guess what? My wife delivered our 3rd child on Saturday - a baby girl. Her name is Tessa and she is perfect. Very excited. Now I need some business to ensure her a great future. Ciao!

Congratulations!!

[hassansr]

I recently heard from a title company that it is or may become illegal to only offer the option of a SS only.

if thats your business model, that's your business model. no one can force you to offer a service you dont provide. To be safe I would however let sellers that are in dsitress know that there are other options available, including deed in lieu of foreclosure, subject to's and loan modification. Let them decide which is best for them on their own. If they decide to work with you on shortsale, at least they are informed on options

[OregonREI]

I agree with you hassansr and I think that's exactly what I'll do. In some cases a short sale is best for a particular situation while at other times a subject to is best. It just depends. Thanks for the response.

Chris