Argent Has Both Mortgages Do They Short Sale?
Does anyone have any experience dealing with Argent Mortgage Company? Both loans are with this lender and when the owner called to request a short sale package, they said they could not do anything at this point because the house is in foreclosure. The seller has not received the lis pends as yet and the only correspondence she has is the usual mortgage laon statements..
1. Does anyone have any tips on how to contact the loss mitigation department?
2. Dooes Argent short sale when both loans are with them?
We are in Florida and the house in question is in Miami-Dade County.
I just spoke to the seller and clarified the series of events. It seems that when I asked the seller to call the bank she asked for the short-sale package on Wednesday, she called using the phone number on the mortgage statement. She said they transfered her to the home retention department. Here they said that there are 2 liens on the house in foreclosure and a short sale would not be possible. Ultimately, there was nothing she could do.
Does this response sound right? Could we still persue this or do we just go along with what these folks are saying and hence a foreclosure?
questmac1; Have you tried using someone who is familiar with dealing with loss mitigation depts to make the call for you if you are not ready to make the call?
First find out if the first mortgage is FHA insured. Then, inspect the property and ascertain its as-is FMV. Zillow will give you a ballpark.. You need to know the section, row and seat.
SSP,
Could you explain how to get the 2nd on assignment in a little more detail?
Do you buy the 2nd and pay $25000.00 out of pocket?
Thanks,
Daryl
"Do you buy the 2nd and pay $25000.00 out of pocket? "
Essentially, yes. The mortgage is then assigned to you. You become the new, junior mortgagee.
As mortgagee, you can agree to accept $1,000 at closing.