[Predatorprey]

commission during a foreclosure.? I seem to remember that they have to repay back the commission to the bank if the buyer foreclosures before a time period of x (3 months?)Can anyone confirm deny? Provide links to information?I've looked and cannot find any.Just FYI, this is a graduate project on information that i am trying to look up.I'm not in foreclosure or anything

[Gina and Jason]

You will not find proof of this on the net. Each bank has their own contract with their brokers. Each bank decides what the recapture clause in that contract is. Some banks will even change their standard contract if the broker won't sign it otherwise.Some banks have a recapture of commission charges that go for a year, others have no recapture clause in their contract. Some only force the recapture of YSP (money made on the back of the loan between the bank and the broker) others force any money made on the loan in it's entirety. Others only force recapture when fraud can be proven.If your the borrower and want to make sure your broker is not getting paid on a loan that you were able to get into foreclosure in 3 months - then forget it - YOU should have know you can't afford the home so don't go looking to point fingers.If your the broker - YOU should know what your recapture clause is with the bank - do you sign everything with out reading it - your as bad as most borrowersIf your the LO - ask your boss - if he doesn't know - find a new boss.

[iluv2tradestks]

The broker completed their responsibility in delivering the buyer to a lender. It was the responsibility of the lender to qualify the buyer. A broker will not go back after the commission. However, on a foreclosed property, or short sale, the broker is not guaranteed any commission.