Short sale with Lis Pendens filed.
So at or before closing there is a Stipulated Settlement and Termination of the Lis Pendens for the Insurance Underwriters? I can see how lots of things could pop up to tie up that kind of closing.
Short sale with Lis Pendens filed.
So at or before closing there is a Stipulated Settlement and Termination of the Lis Pendens for the Insurance Underwriters? I can see how lots of things could pop up to tie up that kind of closing.
It is mostly the bank getting back with you about a price. The rest can be cleared for the runway in a few days. Basically, the processors are overwhelmed and it seems no one is really in charge. I would think in times like this the uppers in big banking would be rolling up their sleeves and getting dirty. Perhaps, earning the big salaries. It just seems to be business as usual and they are not going to miss a vacation a holiday, etc.
...I'm sure in some cases, with all the slicing, dicing and financial engineering that went into off-loading the toxic mortgages into the market, in some cases the servicer is probably having a hard time finding the entity that will allow them to take the offer. They've probably gotta send their scouts out into the desert on a camel and into the rice patties of the Far East to contact the hapless souls who lent their savings to investulators in Florida.
I never really thought much about that angle. Countrywide, et al are not the holders of the mortgage anymore as they become merely mortgage servicers. They can't just cut a deal with a Realtor because, they have to find the note holder and ask them for permission to permanently wipe out the "short debt".
I never really thought much about that angle. Countrywide, et al are not the holders of the mortgage anymore as they become merely mortgage servicers. They can't just cut a deal with a Realtor because, they have to find the note holder and ask them for permission to permanently wipe out the "short debt".
Am I being too suspicious and jaded?
. Am I being too suspicious and jaded?
I think you have me confused with Zirondelle's comment. My agent didn't tell me the price of any offers and i wasn't compelled to offer at list.
As for my deal being "fishy". Why would my agent/broker/friend call and tell me the bank just approved our offer and it not be true??? I talked to them again today and everything is a go.
I'll update when we close in a few weeks.