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Asked by Aaron, Saginaw, MI Sun Feb 1, 2009

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Answers

3
Rocky G.H. H…, Agent, Ripon, CA
Sun Feb 1, 2009
Hi "B,"

Unfortunately, there are no set rules. It really depends on the Banks Policies. In some cases, foreclosure procedures my have already kicked-in which may preclude any offers of short-sale purchase. If the counter offer did not have signatures from the Bank or Asset Manager, they are still in control, which may mean you are not in contract. Your Realtor should be able to answer all these questions. I suggest that you have a meeting with them right a way to make sure you understand your position.

Best regards,
Rocky G.H. Hawrysz
Broker Associate, Realtor, e-Pro
Prudential California Realty
0 votes
Dp2, , Virginia
Sun Feb 1, 2009
You'll need to contact the person at your bank who handles your case. If you don't know who that is, then you'll need to contact someone in your lender's loss mitigation department to check on the status of your short sale.

No, the bank isn't the investor. Banks make money by lending out other people's money (ie the deposit base [savings and checking accounts, CDs, etc], stocks, bonds, etc) at rates higher than they pay the other people to use their money. Stated another way, banks make money via positive leverage. Before the bank could lend you the money for your home, the bank had to find an investor willing to lend the money to the bank, that the bank lent to you. Investors do this, so they can earn money from the cash-flow that your loan generates. However, since you've entered a short-sale negotiation, the bank essentially has to approach its creditor (the investor) essentially to do the same thing. Ultimately, this process can take quite a while, because many lenders sold their loans to other entities (companies or individuals) which also in turn sold the loans to yet other entities. The point is someone has to trace that entire chain until they find the one who actually owns the mortgage now.
0 votes
Sheryl Apple…, , Burbank, CA
Sun Feb 1, 2009
Sometimes it will show on the title report.. your agent should be able to help you

sheryl appleton
toluca lake, ca 91602
0 votes
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