The seller received a short sale approval but the title shows two open mortgages besides the mortgage that is subject to the short sale. Clearly the mortgages are satisfied but HSBC did not record…Continue
"Sarah the seller is 80 years old I doubt it, and it was 9 years ago but we can ask her, we have to try everything. We are also going to see if she has younger family members to put the heat under the attorney but we're thinking…"
"gotcha...so it sounds like the sellers attorney perhaps doesn't normally do RE closings so they didn't know what to do...Perhaps your borrower's title company can provide the sellers attorney the phone number for the HSBC payoff dept…"
In New York, the buyer's attorney always order the title then sends to the seller's attorney who apparently in this case took no action to get a satisfaction letter from HSBC. The buyers attorney has no…"
"who is conducting the closing for the buyer? That company ordered a title search and discovered the unreleased liens....and unless you're on one of those weird states, that company would also order the 'payoffs' for the…"
"No, we are at a stand still. The whole selling side are incompetent and the perfect recipe for disaster. My only hope at this point is that HSBC come to some kind of realization of what they need to do before the lady seller goes into…"
"Brian thank you for your response. Just to be a little clearer, and I'm the selling agent by the way, the attorney for the 80 year old seller and agents are not proficient and missed everything. The seller refinanced 9 years ago and…"
The seller received a short sale approval but the title shows two open mortgages besides the mortgage that is subject to the short sale. Clearly the mortgages are satisfied but HSBC did not record the satisfactions and the title company will not close with the outstanding mortgages in question. We need HSBC to submit a letter to the title company verifying the mortgages are closed and at $0. The short sale approval expires today. Can anyone suggest a contact at HSBC. Your help is much…See More
"One thought is for the seller to get a letter from the lender indicating that the sale of the home was a short sale and not a foreclosure, and then send that letter into the credit bureaus where it will be eventually reported correctly and the…"
I don't know the answer to the first part of your question but i'm thinking it's not going to go down very well with the lender, almost a confict in interest; let's see what others say.
Regarding the second…"
"This is such a common problem. I'm assuming that your real estate agent was not present and armed when BOA did the BPO to show what similar homes have been sold for. As a suggestion maybe the buyer is willing to do an appraisal to illustrate to…"
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