Bank Told Me They Are Working With Their Investor
What does it mean when loss mitigation tells me "we will get back to you after our investors have reviewed your case."
Who are the investors? She told me they are private investors that back their loans.
Insurance companies, REITS, high worth individuals, etc. These people purchase the loans on the secondary market but sometimes arrange to have the loan serviced by the company you are dealing with.
County records are a great resource![ Edited by myfrogger on Date 12/16/2003 ]
The Loss Mit folks are probably referring to the "owners" of the loans in question.
The folks that we call Lenders or Mortgagees are probably just the servicer.
The ultimate decision to accept a short sale, or modify a loan is up to the owner or investor who owns the loan, or the PMI who also has an interest in how the loan is serviced.
I think the hierarchy is described in "Child's Play" (an essay available on this Site) If you can't find it, email me and I'll send it to you in Word.
SSPro:
I found an article called child's play but it did not discuss the hierarchy of who you deal with in Loss Mitigation and beyond. Am I missing something? If you do have something that discusses the hierarchy of who I am dealing with that would be great if you could forward it to me - because it would be very helpful to know the lay of the land.