In regards to a First mortgage lein with ASC as servicor and apparently DEUTSCH PMSR as the investor. I submitted a qualified package to ASC and all was looking good until BPO and Appraisal were returned to the negotiator. At that point the negotiator closed the file and declined to entertain a short sale since the dwelling has been demolished and now only vacant land, which is a violation of the original mortgage terms signed by the borrower to the lender. I have been trying every one at every level in the chain of command and all are directing me to a Mr. B. Fuhr which is acting as a buffer placing me at the dead end. we tried seemingly every thing for the past 18 months but as of now no luck cracking this issue. At one point I was told something about some technicality with some insurance claim but clearly not given any facts or leads to dig in to. The original mortgage was 925k commenced as an 'investment property', 75%LTV with no MI. The insurance company declined to pay up since the property was vacant 60 days prior to the fire at the adjacent building. The fire caused subject property to be 'unsafe',the Dept of Buildings condemned it for demolition.
Your thoughts and comments are very welcome.
Thanks
Tags:
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not 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.