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Since my seller's plea for a short sale was rejected by Downey Savings who holds the first loan, I've been trying to understand why Downey would refuse. Turns out that Downey sold the note to Deutsch Bank. Negative news and forums abound about both,

The point to this is......if you're talking with clients who are either trying to sell or buy a short sale but the loan is with Downey Savings, DON'T. Downey Savings won't approve short sales at this time. Save your energy and find something else.

 

 

 
This post has been included in California Real Estate News
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sale REALTORS®
Post is included in group: California Loan Modifications, Short Sales, & REOs

1 Comments on Downey Savings + Deutsch Bank = Impending Disaster

SEP
24
2008

Yes, that is true regarding loans that is not part of Downey's portfolio. I've heard that if it is part of their portfolio, Downey will accept a short sale.
8:16pm • #1

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