Why Seller's Permission For Short Sale?
I am I correct in that I must have the seller's permission to talk to the bank regarding a short sale? Mortgages are bought and sold all the time without authorization from the mortgagor.
What is different here and/or what am I missing?
Thanks
There is a distinct difference between purchasing a mortgage at a discount via an assignment, and purchasing a home via a mortgagee approved short sale.
When purchasing a mortgage, the mortgagor isn't involved other than a notification that his/her mortgage was sold.
When purchasing real estate, the mortgagor is involved. As a Seller. The Seller/mortgagor seeking short sale approval must ask for and submit an application for short sale consideration.
A potential Purchaser may assist in that application. Prior to any communication with a third party, the mortgagee would certainly need written authorization from the mortgagor.