Hi All,
Just found out that CIT Group is the Owner and Investor for the first and second trust loans. OCWEN denied the short sale because they say this investor does not allow anything less than full payoff. Does anyone have any experience or ideas for me now that I know who the investor is? I appreciate any help!
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This largely has to do with HAMP/HAFA, but still may provide some direction.
http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_wh...
http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_ge...
Thank you for the information - it may be helpful!
I have a client who contacted her lender first about a loan mod--which went south and then about a short sale. She told the person on the line that this was her loan and she had a right to know who the investor was. She was relentless. Well I think the guy on the phone may have been new, but he told her the name and phone number of the investor...it was a portfolio loan. She contacted him about the loan mod and he got the bank moving very quickly.
In the end we did a short sale and when things were looking like they were going to get muddled up again, I called him. We got an approval in a matter of days. We also then asked for them to put in the verbiage about waiving any deficiency and they did that as well. I would really like to know if legally the seller has a right to know who holds their note. Maybe there is a lender that may know this answer...what does it say in all those loan docs that buyers sign?
Anyway I would have the seller call and not take NO for an answer....see what happens. Maybe we just got really lucky.
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