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Rozalyn Franklin
Rozalyn Franklin - (803) 318-6412

Before proceeding with a short sale

  • Understand a lender’s creditors options upon loan default
    There are several types of liens and other obligations that are secured by real estate. Such as purchase loans, refinance loans, home equity lines of credit, contractor liens, Utiliy liens, IRS tax liens, DSHS liens for unpaid child support, or other obligations. The type of debt and type of property determines what remedies a lender may have if you fail to make the required payments. The lender’s policies regarding forgiveness of debt, the tax consequences, your overall current or potential future financial strength, the lender’s willingness and procedures for processing a short sale request, and the number and nature of other recorded encumbrances (second mortgages for example) on the property are some of the many factors a seller should consider in deciding whether to pursue a short sale.
  • Be aware of predatory rescue scams and short sale fraud
    Homeowners worried about foreclosure may be susceptible to predatory “rescue” scams which may cost money with no results, result in the loss of the home entirely, or involve the seller in a fraudulent scheme. For more information, see this advisory from Fannie Mae (PDF)*.

Red flags of fraudulent schemes include:

  • They offer Guarantees to stop the foreclosure
  • They promise that you can buy the house back or stay in the house following transfer of title
  • They require Upfront fees
  • They Instruct you not to contact your lender
  • They require a Transfer of title or lease of the property
  • They requests that the homeowner execute a power of attorney

Report suspected scams to the Department of Financial Institutions at: .

Contact a free HUD-approved housing counselor or contact your lender directly

 HUD-approved housing counseling agency online at or call (800) 569-4287 or TDD (800) 877-8339 for advice on your options.

For additional HUD resources visit

You may also contact the Neighborhood Assistance Corporation of America at:

For the most help contact your the lender directly. To find the lender’s contact information, check the Mortgage billing statement, or coupon book. Ask for the lender's home retention department, loss mitigation department, (or other department that handles negotiation of loans in default); explain the situation and find out if the lender is willing to discuss options.

  • Utilize free services available to Washington residents
    Non profit foreclosure counseling is available by calling: 1-877-894-HOME (4663). If legal advice is needed, callers will be referred to a pro bono attorney through the Washington State Bar Association. More help and resources are available at SC Help
  • Obtain legal advice
    An attorney can advise you about your options and legal liability. You may be able to receive free or reduced fee legal assistance from one of these sources:

    Law Help SC ,

    Richland County local Bar Association, Leingtin County local Bar Association, Kershaw County local Bar association
  • Obtain tax advice
    For Mortgage Forgiveness Debt Relief Act and Debt Cancellation tax information, go to,,id=179414,00.html
  • Be aware of the consequences of committing waste
    Damaging the property or removing fixtures such as sinks, toilets, cabinets, air conditioners, and water heaters may result in liability to the lender for “waste.” In other words, the lender may be able to sue you for damages if you have physically abused, damaged or destroyed any part of the property.
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Brought to you by:

Rozalyn Franklin
Keller Williams Realty

140 Wildewood Park Drive
Columbia, SC 29223

(803) 318-6412


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Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.