Who To Contact After Stay Is Lifted?
The property is part of a ch 7 BR, which is due to be discharged in June. However, primary mtg holder has successfully applied to get stay lifted now.
So, when I contact the bank, would I still want to speak w/ Loss Mit Dept or would it be a different dept.? (I was unable to obtain LOA from owner before now).
Thanks
Each mortgagee or loan servicer has their own way of doing things, so what holds true for one might not hold true for another.
It might take a week or so before the Account is transferred from the Bankruptcy Department, to the Loss Mitigation/Foreclosure Department.
With your LOA, call the mortgagee's Bankruptcy Rep and ask.. "I have a short sale proposal, what happens now...?"
Sorry, should have worded that differently. I do not have a LOA, was unable to obtain one from owner. And now it's being released from the stay, so I'm trying to determine which dept might be handling it (at Chase Manhattan).
Won't matter. Without the LOA, they won't speak with you.... unless......
Unless you tender a cash offer to purchase the mortgage via an assignment.