Short Sale With HomeQ
I have a potential deal with a borrower/seller who has run into a series of bad luck. The borrower currently has a first and second with HomeQ. There is a package of forms on the HomeQ website for loss mitigation.
One of the requirements is that the property should be listed for at least 30 days with a local realtor.
Couple question regarding this deal:
Is it normal to require a property to be listed by a realtor and Local MLS before a short sale can be considered?
Has anyone dealt with HomeQ and their loss mitigation dept? I read some posts from 2004 regarding how difficult it is to work with this bank and I wanted to see if things are still the same or if anything has changed.
The deal has other sticky points to it, such as the owner who live in the house is not really on title because her friend bought the house for her as a favor or perhaps as an investment. The person living in the house was making payments via cashiers checks and one of the check was lost somewhere in the mailing process. Tracking for that check could take up 60 days.
Who should I be dealing with the person who lives in the house or the person on title and on the loans, and whose hardship do I need to show to the bank.
I would think I need to talk to the latter... But so far only discussion has been with the person living in the house.
Please forgive me if I sound naive but I am new to this process (I was introduced to the concept of a short sale less than 30 days ago).
Any advise is greatly appreciated.
Javad
"Who should I be dealing with the person who lives in the house or the person on title and on the loans, and whose hardship do I need to show to the bank."
Darn. My lightbulb just died. Please scuse any spelling mistakes.
Short sale consideration is afforded the owmer/borrower.