we desperately need to short sale our condo, but are unsure what do do with some money in an education account.

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we desperately need to short sale our condo, but are unsure what do do with some money in an education account.

we are completely upside-down in our condo. we have about 32,000 from a car accident settlement set aside for school. My husband will be starting full-time nursing program anytime now, and use it to support the family. The realtor said the money must be out, and suggested writing checks to various family members to “pay off debt” and they could eventually pay it back when we need it. Is this fraudulent? We are very unsure as to what to do.

Asked on June 11, 2009 under Real Estate Law, California

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

It sounds to me as if your realtor's advice is indeed fraudulent.  If you make false statements on a financial statement involving your mortgage, in some situations it can even be criminal, although it's relatively rare to see that prosecuted.

I strongly advise you to see a real estate lawyer in your area, as soon as possible, who can review all of the facts of your situation, because this is necessary for reliable advice -- and there may be something you haven't mentioned, that will give you another option that makes sense.  I know money is tight, but the legal fee will absolutely be less expensive than a mistake in this sort of thing.  One place to find a qualified attorney is our website, http://attorneypages.com


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