- Lenders quote a time of 7-10 days
(some say up to 20 days) for a transfer to be complete. As a result
borrowers and authorized third parties may not be able to access the loan
right away with the new servicer
- Although some lenders say that
all documents associated with the account are transferred, don't be
surprised if you have to resubmit documents to the new servicer
- Short sale negotiators may have to submit new lender-specific forms, like lender-specific authorizations or financial worksheets
To prepare for the chance of a
service release, homeowners should continue to open all mail associated with
the loan(s). Lenders will send notices to inform of a future transfer date.
Homeowners should inform the Short Sale negotiator of any impending transfer
and should supply new servicer contact information and new loan number as soon
as they are available. The Short Sale negotiator should contact the new
servicer as soon as possible to determine what is required in the new
servicer's short sale package.
It is important to remember
that while service transfers can slow down the process of negotiating a short
sale, transfers are normal and happen frequently. With a little extra patience,
the parties involved in the short sale will be able to persevere after a loan
transfer.
Contact me at 434-951-0858 or Tucker@TGBLaw.com
if you have questions. Thank
you for allowing us to send you this email.
William D. Tucker,
III
Charlottesville, VA 434-973-7474 | Lake Monticello (Palmyra, VA) 434-589-3636
home owner has the money ti pay the mortgage and can't show any reasons why he should not pay mortgage. I have read your post and got a helpful information. Thanks for sharing a good post about mortgage short sale.
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