Partnership Foreclosure
Attorneys: Could I lose my realtor license or get in serious trouble for this?
I advertised that I am looking for credit partners where they put up theyre credit & I would pay for & manage the property. I did this on one house & signed a lease option contract with the credit partner & paid him a 3k option fee for the option to control the property. We had a disagreement, I walked away from the partnership & left him the responsibility of dealing with the house. I have a realtor & mortgage broker license…my question is, am I at any legal risk here? could I lose my licenses? This happened just days ago, so the property is not in foreclosure & I doubt it will end up there, he will make payments most likely.
It sounds like you need to also worry about a prison sentence.
Obviously you are aware that this entire set up is illegal. Your real estate broker is also at risk of losing his/her license, they should not have allowed you to use your license to commit fraud.
Homeowners use short sales to avoid foreclosure
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