How To Kill A Short Sale.....
I may have found someone who I could filp a property that im currently working on shorting. They would make the arrears, and take it Sub2. Is there any issue with doing this now that short sale process has started with the bank?How would the lender respond?
Call your contact at the mortgagee, and, once that you confirm that they will permit the loan's reinstatement, obtain a payoff projected to the date you expect that your assignee will have a check to bring the account current.
I wouldn't disclose that you intend to bring the account current unless/until you have the reinstatement check in hand. Better make sure that the check is for the correct amount, to the penny. Just to be on the safe side, I would pay the next month's payment, in advance.
Thanks for the response S.S.pro.
Im not sure I understand ****Must Reach Senior Investor status before posting URL's***f I ask to reinstate the loan, isn't that basically saying I'm going to bring the account current? What is the purpose for requesting a payoff?Or was that refering to the amount of arrears,not the total loan balance. I'm thinking that as long as the lender is payed, and is continued to be payed, there will be no issue.
Until you have a check in hand, you don't know whether you are getting smoke blown up your kazoo. You don't want to stop the short sale application process unless/until you are 100% certain that the loan will be brought current.
Ask the mortgagee for a payoff, and a reinstatement figure. If the loan is subject to foreclosure proceedings, it'll take a week, ten days to get the exact payoff/reinstatement. Do that ASAP.
Also, find out if the lender will permit a reinstatement at this point. Some are bound by servicing criteria that prevents multiple reinstatements. Check to be sure. You don't want to assume anything.