What Lender To Short Sale?
Hi, I am looking to conduct a short sale for someone who has recently contacted me. I did the title search, and the foreclosing bank (Bank of New York) is acting as a trustee to Equicredit corp. I noticed that the mortgage was then assigned to Bank of New York AFTER the Lis Pendens was filed?! This is strange to me, but should I proceed in contacting Bank of New York Loss Mitigation?
Also, THe seller claims they have a second mortgage (Which is not showing up on the title search!) with Faribanks capital corp. Why Is this not showing up on the title?
They are also claiming 6700 worth of back taxes on the property, but these are not showing up on the search either?
Whats going on here?
-Brandon Richardson-
liens are easily confirmed...
as far as 'which' lender to approach? Sounds like you'll need to speak with Fairbanks (2nd) and a bit of time spent on the phone with either of the others you had mentioned will direct you to the applicable office. Cut your deal with the junior lienholder first. Work your way up the dogpile.
If you did the title work yourself and found all thouse discrepancies, sounds like you should cough up the dough to have an attourney do the search.