If you are filling out the initial financial forms to start a GMAC short sale, pay special attention to the third party authorization form near the end. This is the document that gives your lender permission to speak to your real estate specialist or another party you designate on your behalf. It’s a critical piece of the puzzle if you want a professional to help you negotiate with the bank about your short sale. This form contains a few words of caution so you don’t get taken advantage of by shady “short sales consultants”.

Here are a couple of the tips they offer:

· Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan.

· Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.

These are excellent precautions if you are planning to short sell your home. There are plenty of scams going on right now and you don’t want to make a bad financial situation worse by making a mistake with your short sale!