Small Portfolio lender says they won't do a short sale
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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Details?
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Permalink Reply by Trong Dang on
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Who is this lender? Did they tell you why they denied the Short Sale? Short Sales are complex, please provide more details so you can get better answers.
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Permalink Reply by Lesley Salman on
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It's a company out of MD called Capital Financial Exchange, LLC. The loan was with another small portfolio lender & my client received a notice stating the loan had been sold - to the same owner...different company!!! I got the listing 2 weeks ago and we could never make contact with the company. It seems like a one-man-show. Finally today I called him & he said they will not do a short sale. They want the full balance or they will just foreclose. I asked him why he would want less money & he is adamant that he will not accept a short sale. My client has never received monthly
mortgage statements nor has she ever had the payments she missed be reported to any credit bureaus.
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We never got any further than me gathering your typical document & getting the listing agreement together. When I called the lender to see what else was needed, he said it was a waste of time because they would not accept a short sale.
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Permalink Reply by Bryant Tutas on
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Move on to another listing. Lenders have zero obligation to do a short sale. The seller should seek legal advice
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Permalink Reply by Joseph Alfe on
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And you are surprised? A small lender probably lent their own money. If they show too many bad loans on their FDIC call sheet, the Feds will shut them down and seize their assets, so they almost never will agree to a short sale or if they do, they want a huge promissory note.
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Permalink Reply by P Nicolas Velecico on
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Try a deed in lieu
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