I have been working with this particular short sale client since Fall. To end the whole process, since we weren't getting any contract on the property, the sellers decided they wanted to approach Countrywide about a Deed in Lieu of Foreclosure (DIL). After talking Loss Mitigation, it was determined that the sellers would leave the home on the market for a short sale contract, but would actively pursue the DIL.
For weeks now, when calling to check the status of the DIL, I am told we are "in the middle of the process." I know there was an appraisal ordered, because the appraiser and I have talked after he wrote up his report. The notes that Loss Mitigation go over with me show that Title Work has also been ordered.
So yesterday, I pushed Loss Mitigation harder for answers, because it just felt like something beyond the usual disconnect was going on. My sellers were told things I had not been told. In fact, they were told things that I was told DID NOT happen. For instance, that the title work was in, my sellers were told. I was told, it was not.
Turns out, we were not in the middle of the DIL. The file was closed in February due to a lien on the property. Go figure...the bank's not getting their mortgage payments and neither is the HOA. Sad thing is, there is no lien on the property from the HOA. My sellers have depleted their savings keeping the payments going to the HOA so they COULD get approved for the DIL
Thanks Countrywide. Thanks a lot.
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