Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 18, 2011 at 8:28am

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...

Permalink Reply by Lauren Mayer on October 18, 2011 at 8:59am

Thank you for the information - it may be helpful!

Permalink Reply by Elise Fay on October 18, 2011 at 8:45am

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.