I'm in the same boat. My Ex. has resided in the home that has both our names on the Bank Loan. He asked for and obtained a Modification and Forged my signature on the documents. I contacted the bank and advised them of this and also contacted and reported this to the Police Dept. Both are doing an investigation. This is as I've been told to be Property Fraud as well as Forgery. Suggest you report your situation to both the bank and the Police Dept.... more
Your realtor would have set expectations about short sales: there's nothing short about it except tempers.
And yes, it can and will take time to process. Furthermore, there are no guarantees that a short sale will even be approved.
Although the BPOs may have been ordered, that's not the end of it. Some lenders will or may require more than one BPO. And if there is more than one lender, that complicates the short sale.
And no... you cannot contact the lender or the seller or the seller's agent. Work through your realtor (and hopefully your realtor is also experienced and knowledgeable about short sales). Unless the seller has authorized you to speak to their lenders, there is no way on earth you can get past the first phone call. Besides, you will only serve to muddy the waters. Leave it to the listing agent and the seller to negotiate the short sale with the lenders.
As an experienced short sale realtor, I can boldly say you have no idea what it takes to negotiate a short sale --- regardless of how many times a listing agent calls, faxes, follows up, etc.....a short sale will take time.
Since there are no guarantees to a short sale, and if you cannot wait, then go ahead an look for other properties, and stay away from short sales. You will run into the same situation over and over again.
To get a sense of the challenges we encounter with short sales, visit this forum and you'll see for yourself.
I am not an attorney nor a tax advisor nor a mortgage advisor. I am a Realtor licensed in the State of Virginia. I would definitely recommend you contact a reputable lender so that you can get sound advice. Let me know if you need some referrals. Understandably, the bank needs to know that the insurance and property taxes are going to be paid so that a lien is not placed on the property. This should not have to involve you nor place you at financial risk. Does the loan currently have an escrow account in place that has been paying taxes and insurance? Is she exempt from paying taxes on this property because of her age?... more