Foreclosure in 30038>Question Details

Sabrinarjohn…, Home Buyer in Lithia Springs, GA

We are under contract on a Homepath property. Why wont the original bank sign off on the paperwork?

Asked by Sabrinarjohnson, Lithia Springs, GA Mon Nov 28, 2011

After many extensions, due to FM not being able to get marketable title, we finally found out that the reason we have not closed is because Fannie Mae is unable to get the original "serviser" or ( BANK) to sign off on the deed. They have faxed and faxed it to them time and time again but have not had any luck. This has been going on since Oct 6th. Why wont the original bank sign off so we can close? Has anyone had this happen? What if the are never able to get in touch with them, do we just walk and find another home? What are our options? Any insight would be greatly appreciated.

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The answer to this question depends on who the original servicer is. Some banks are on top of their files, while others are so behind it honestly does take them over 2 months to close a deal. I would have your agent make a call into Fannie Mae direct and bring it to their attention. It's funny, but once someone from higher up makes one phone call to an agent or asset manager, the deal tends to close shortly after. It really is a case by case deal.
0 votes Thank Flag Link Wed Jan 4, 2012
We are experiencing the same thing, going on since late November. I'd appreciate answers too.
0 votes Thank Flag Link Wed Jan 4, 2012
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