If you havent dealt with Short Sales then you wouldn't know what it means to have a Servicer tell you that the offer has to be approved by lender. Having an attorney will clear some confusion up about what is not suppose to be done and is being done by these lenders.In most states, there is a pooling and Servicing Agreement between the homeowner, the Lender, and the Servicer.It states the following "the Servicer shall have the full power and authority --- to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable."Having said this, this agreement is useless unless it is enforced. Who is enforcing it? Come on Realtors, we need to take some legal action so that Short Sales can be processed with a defined path, and not a bunch of BS we go through.
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  • I am not saying anything, but repeating what an attorney told my office as he was a loss mitigator/negotiator for a bank previously and sold the secret or spilt the beans. IN any case, the frustrations are great, but will not be addressed unless action is taken. Consult with an attorney for legal advice is my message!
  • So you are saying that the servicer can expedite this along and no more dragging feet? That's what I am talking about! I have done many short sales and have done them in as little as two weeks. But the way these lenders are dragging their feet is insane. It would be nice for there to be some sort of platform that would aide in moving the process along in a reasonable amount of time. I am sick of buyers walking and the lenders telling us a bunch of bologna when we make that follow up call.
  • Marcelo, you can search through billions of articles on the SEC site to find this information or just use an attorney.
  • Very interesting. How do you look up the service agreement? Is it public or you have to request? What do you think if you incorporate some of this language into a letter that goes with the package?
  • Well here is a small note for short sales. The portals are starting to make protocol to process short sales through places like Reotrans. They released this information at the 5star convention. I am hoping this will streamline the process.

    Reotrans is stating that the banks are going to notifying homeowners that they may qualify for a short sale. At which point the homeowner can sign into Reotrans and upload their financials and choose a Realtor that works with short sales on Reotrans. This is scheduled to start around the 1st of next year.
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