Bellevue WA â€“ The Stop Foreclosure recently received a question from Georgia. Here was her question.
â€ When the bank says the file should be going to an investor soon what does that mean? Georgia.â€
Here is the answer.Â It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo.
However Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) Wells Fargo will take all of the short sale documentation and send it to the actual loan owner.
(The actual loan owner could be anyone from Fannie Mae, Freddie Mac, Goldman Sachs, a Pension Fund, or another Wall Street Entity.)
That loan owner will review the short sale file themselves. Then, they will either approve the short sale or deny it. If they deny it, then they will usually let you know why.
Then you can find out the reason they denied the short sale and re-apply. Often they want more money for the house, a missing document, of some other item.
It is a popular misconception that...Click HERE to continue reading.