Hello All,
Its my first post here and am seeking some advice I have just listed property right outside of Boston the owner has not been officially foreclosed on as of yet it is worth roughly $160-$170K the servicer is SLS I have a signed 3rd party authorization form he also has a second on it and he is not sure with who he owes a total of around around $235K
Any advice on how to proceed here would be most helpful, the former owner has already declared Bankruptcy his mind really isnt concentrating on this he just want to stop the bleeding once and for all
Thank you!!
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Replies
Steve,
Right now you need to focus on locating the 2nd mortgage, getting an offer, and getting the short sale items over to the mortgage servicers. Another important factor is the Bankruptcy. Is it currently active? Depending on the status of the BK the mortgage servicers may not want to proceed with a short sale review until it is dismissed or discharged.
Has the borrower not received any mortgage or collection statements from the 2nd mortgage? I'd be ordering a preliminary title report as the first step to see If I could locate who holds the 2nd mortgage from there.
I'd love to see if I cold be of assistance to you. Please feel free to contact me anytime as my door is always open.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
I
Brett
Thank you for your fast reply. I need to find out who has the second here and II am not certain if the BK has been discharged yet or not, both excellent questions that seller may not even know himself. What if I hire someone to do an abstract of title? Do you think that will help?
Tx
The title report may or may not help, but it's a good place to start if the borrower doesn't have any information. If there is a mers # it could lead you in the right direction or depending on other information found on it. If the title report doesn't work you may need to dig deeper into the chain of title. Also, in regards to the BK, you can look up the BK case information online. I'd also be speaking to the mortgage servicer and their BK department to see what information they are reflecting.
Hope this helps and warm regards,
Brett@ishortsalenow.com
310-646-6389