Home Buying in 60102>Question Details

Tamara, Home Buyer in 60101

Accepted counter on a short sale. The loss mitigator's email is from Celnar. Do they own the note or are they just handling the paperwork ?

Asked by Tamara, 60101 Mon Jan 14, 2013

We are now 6 months in. More so because of the sellers a divorce situation and one of the sellers is stalling. Now that we are finally moving along Celnar has countered us on the house. We accepted right away and have not heard anything back it has been 1 week, are we waiting for Celnar to issue the final approval letter or is their an investor behind that owns the note ?

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Answers

2
Cenlar is the servicer of the mortgage and would be the party to sign off on the short sale approval on behalf of the end investor.
0 votes Thank Flag Link Thu Feb 19, 2015
Tamara,

That's a good question. Your attorney would be the best one to follow up for you to find out if an investor owns the note. In most cases you will find that an investor does own the note due to the way that the Secondary Market was set up years ago.

By now you should have heard something as a few more weeks have past. My experience has been that once you accept a counter offer the final approval letter may take up to 30 days to receive. In some cases we have received them within two weeks.

Congratulations on the purchase. Welcome to the area.


Randy Schulenburg
Managing Real Estate Broker
Mortgage 1st Realty, Inc.
224-805-2616 Direct
0 votes Thank Flag Link Sun Mar 24, 2013
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