I Want To Do A Short Sale But.....
I got contact info for Deutsche National Bank and Trust, and they keep sending me to a recording that says they only respond to fax or mail regarding properties, and that its good to include an assignment of mortgage and deed in trust.
I contacted the attorney that is representing them locally, and was told just to fax something over to the attorneys office with my offer, and my proposal and they will submit the offer to the lender. I asked the man if they would fax me a short sale package, or list of things they want to see, and he said they dont have anything like that. He said just to fax over a proposal, with an authorization and they will get back to me.
So, should I fax my offer to the attorney, or straight to the bank? or perhaps both?
Are you sure that you are working with the Loss Mitigation, Foreclosure, Workout, or some other short sell type department? What is the name of the department?
What is a deed of trust? Why do they want an assignment of mortgage. I assume that you are trying to buy the property.
I never work with the attornies. I only use them for payoff and reinstatement amounts.
Hi, and thanks for trying to help
I am not dealing with any department with Deutsche Bank yet. All they do is put you through to a recording when you ask for foreclosure dept, loss mitt, or even someone to speak to you about a loan thats behind etc....
The recording says to simply fax over a proposal to them, and they will contact me after reviewing the proposal.
Im in the process of getting my hardship letter, and authorizations signed. I already have my low comps, and will be getting pics of all the crappy parts of the house today. I am including a net sheet in my proposal, but I will not include a Hud-1 until I know that the lender will play ball.
I know that there are subordinate leins, but Im holding out to do title search after I know if the Deutsche bank will negotiate.
I plan on putting everything together, and faxing it over with hopes of getting a call or fax back withing a few days.
Thanks, I will try that today, and see if I can get a LM on the phone that way. At least then I would have someone to direct my package to when I fax it.
Good job! I think your time will be spent more wisely. Taking this approach will also give you the best opportunity to put multiple deals in the pipeline. One of the biggest mistakes you can make is focusing on one deal without having fresh deals on the table.
Thats also good advice. I have been spending a lot of time thinking about this, and focusing on it. And in the meantime I have spent zero time calling, or knocking on my other leads.