What Is This?
We have a mortgage that we owe 42000.00 and it is in foreclosure. The bank was PCFS and we were working with them on a short sale. We received notice that Litton Servicing would be handling our mortgage. We contacted Litton and faxed them everything that they needed and for about a couple of weeks we have been trying to contact them to find out where we stood. The offer was for $25000.00. Today we got served a Notice for a Judgement hearing. What is this and what should we do now?
Contact PCFS and ask the rep that had been handling your file who, at Litton, would be handling the proposed short sale.
You may be able to get a clue.. a name, a direct phone number, or an opinion why the loan was shipped out.
I guess we should just give up. Do you think that this meand that they have considered the offer and they are not going to accept it?
Well, I think it's a good indication that your proposal, as submitted, wasn't very compelling.
Shorts are predicated on a home's value, not necessarily on how much is owed to the mortgagee.
Is it a first mortgage, or a junior lien?
How do you think an appraiser would value your home in it's as-is condition?
[addsig]
This is the first mortgage. The house is in really bad shape. There is no heat we heated with electric heaters and used fans in the summer. The bathroom floor is really bad and it needs a new roof. It is Awful! No one has come to even look at the house. I'm going to try and get in touch with them on Monday. We have been trying to sell for over a year. the people that made the offer have land around this land. They really did not want it but they were trying to help us. We really wanted to try and save our credit, so that we can move on.
I vaguely remember this scenario posted awhile back.
Contact: www.spoch.org and they may be able to help you facilitate your proposed short
Thank you Short Pro.
I did a short sale with PCFS about 3 or 4 months ago and they accepted a drastic discount. I delt with "Doug" in the loss mit dept. he was very helpful and reviewed all of my info and did what he could to make the sale happen. During that time the company was going through some serious changes and i know there is a new owner.. from what Doug was saying, the place is not all together. so i would do what you can and send them all kinds of info stating that its worth what you think. send them comps, estimates, news paper ads, etc. good luck, Ryan
I contacted www.spoch.org and I have gotten a couple of e-mails that I tried to reply to but they were returned back to me. I faxed what I hoped were the answers to their questions, but I have not received anything else from them. I talked to the realator today and he thought that the offer for 25000.00 was good he said that the home is not livable and he said we would just be looking at the land value. None of this land fronts a main highway except the 15 foot access road, which keeps this from being legally land-locked. He suggested getting an appraiser that deals with land. I do not know what else to do.
Contact the mortgagee and ask for a preforeclosure workout application. Request a short sale. Provide all the data they will require, plus the Contract (you didn't have a contract, you had a two sentence offer to purchase.... which is meaningless). You should return to the Broker and ask him to handle the short sale.
If they are interested, they'll guide you thru the process.
I have been trying to deal with Litton for about two weeks now and have not talked to a single person. I even have the mans name (and extension) who is handeling the case and have left him repeated messages. Very frustrating!