I finally got the first and second to agree to accept the short sale "IF" we can close quickly (1 week). We're down to the next to the last day and the buyers want to take title in their trust. Mind you the sellers have already signed all of the paperwork and this is the first time we've heard about a Mrs. Buyer. That's a "No Go" from the first mortgage holder so it'll have to be as Mr & Mrs Buyer and they now need the seller to sign paperwork. The sellers come in after their work (3:30pm) and sign but the first still has to approve the HUD.
Here's the really upsetting part. I call Alliance One the servicer for CitiFinancial and the file has been re-assigned and if it doesn't close by today it'll be lost in the process. Well sure enough it didn't close. Does anyone know how to go about getting the file re-assignment postponed? Thanks in advance for any advise you might have.
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If you change a single letter in the buyers name .. it has to be re-approved by the lender(s). They should have set-up the trust and signed the contract in the trust prior. Buyer's are out of luck .. or they can forfeit their deposit.
Phew!! CitiFinancial agreed to let Alliance One handle the file until we closed the transaction. At the last minute a "Judgement" showed up by a credit card company filed in June. We avoided that by claiming the home under the "Homestead" laws and closed today. I learn something new on every short sale.
Another reason why I let all buyers know that they are not permitted to change names, corporations, buy in trusts, options, or IRA's. Period.