"Never heard of someone having to assume a loan to do a short sale on an estate. Not sure if I've done a FHA short sale with deceased borrowers, but I've done 20+ with private investors with many servicers and never heard of this. Generally…"
"I have talked to everyone at B of A, escalated, everything. Still getting same answer. Estate will just let home foreclose.
PR has also been very slow to get back to me lately, so the writing is on the wall from B of A and from…"
"Never have had to do that with a probate. That is financial suicide for the Personal Representative. What if the Personal Rep has substantial assets or cash of their own? Why wiuld Pers Rep assume and get their credit report slammed? I woud 1) shout…"
"Hi Chris, IF this is an FHA loan, then YES, the Personal Rep will have to assume the loan to proceed. Some of the other lenders (Wells Fargo and Mr Cooper) are now following this FHA guideline. Bank of America has done this for several years now.…"
I have a probate listing where I have finally gotten to speak to someone at Bank of America to get a loan payoff. We would have to short sell the home that is going through probate. Bank of America told me that the personal representative of the…See More
We have a condo, which is a Wells portfolio first, no second, assorted and numerous subordinate liens that should not present any issues once Wells approves. We have plenty of experience with Wells, enough to know that with a clean package, and…See More
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