HELP! WaMu Short Denied Due To Deed Transfer
I've been working for almost 3 months on this short-- hud-1s, BPO, all financials etc.
The bank became aware of a deed transfer to trust and asked to see the warranty deed and the trust agreement.
I had seller place deed in a land trust via a Warranty Deed to Trustee (my wife's maiden name). However, on a separate exhibit I showed that the beneficial interest remained 100% in the seller's name. (I did not supply the assignment of the interest to me).
They sent me this email:
___________________
We regret to inform you, based on the following criteria, we are unable to approve your request for a Presale or Deed-in-Lieu of Foreclosure:
Unauthorized transfer of deed.
Not acting in good faith.
____________________
I left a message for the bank to call me back. My answer is going to be that I wanted the protect the property from any other liens and judgements while we negotiated the sale so I had the seller place his property in a trust.
Any suggestions? HELP!
Transferring deed to land trust without bank's approval should not be illegal, and as long as you can show that seller is still 100% beneficiary and explain that it was transferred to land trust in order to prevent future liens being placed in the property, they MAY understand. Of course, my personal dealings with WaMU are very bitter, and I belieev most of the people there are a bunch of ****** that don't know a first thing about doing their job properly. Their actions have cost me thousands of dollars.
Yeah,
WAMU is a pain in the *ss. They went ape after having bought out Homeside Lending and their lack of diligence in the transfer almost caused on of my LOss Mit clients to lose her home. NOW they do not work with 3rd parties at all. Since they are so hard to deal with, I think I'll just walk if they are the lender.
Boy I hate to gang up on WAMU but they sure do deserve the "World's Worst Award".
I once was put on hold so long- that by the time they finally disconnected my line, I was ready for social security..
Moral of the story, don't record the deed if wanting a short sale.
Tom
Next time try a Limited power of attorney. Mortgage co's seem to be more willing to be dealing w/ a "disinterested third party" than dealing w/ owners or people trying to make a profit at their expense.