"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 estate would have to assume the loan and then do a short sale. They said they will not do a short sale on behalf of the estate. Can anyone confirm that this is true. I know every bank handles this situation differently. Thank you!Chris…See More
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.