Who To Contact After Stay Is Lifted?

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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

Comments(3)

  • TheShortSalePro23rd April, 2004

    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...?"

  • jbrightwell23rd April, 2004

    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).

  • TheShortSalePro23rd April, 2004

    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.

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