New information for your review and advice.
Facts as follows: original loan applicants were husband and wife. Husband didn't qualify so loan was put in wife's name only. Wife passed away and then the house burned down resulting in a total loss.
Lender won't cooperate with a short sale as the lender states the husband has no authorization to settle his wife's matters as husband is not on the loan, nor is there a will or family trust.
Husband's name is on title and the check for the insurance proceeds for the total loss are payable to the husband and the lender (RCS). Husband is not willing to sign over the check until RCS agrees to the short sale. Husband also wants a percentage of the insurance proceeds.
Lender refuses to cooperate. Any ideas on how to get RCS (Residential Credit Solutions) to agree to the short sale? Or, agree to share the issuance proceeds and foreclose on the property. If anyone has experienced any similar issues please let me know what worked for you or what you suggest we try.
Thank you,
Maureen Moran
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