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Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

I'm afraid you will have to start all over again with the new lender. It's odd that they would have sold your note in the middle of a short sale but they do. Hope this helps or at least explains what is happening.

Dec 21, 2016 06:07 PM
Ambassador
3,369,438
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

I think you would have to start all over with the new lender - processes, required documentation, etc. could all be different.

Dec 21, 2016 08:52 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Often, chaos.

Dec 22, 2016 05:10 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Lyn Sims nailed this one!

Dec 22, 2016 02:27 AM
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Not sure I understand the question.  But if you are the seller, I'm guessing you'll have to start all over again.  

Dec 21, 2016 09:32 PM
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

You have to get the seller and banks approval to change lenders....

Dec 21, 2016 09:28 PM
Rainmaker
1,373,426
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

confusion reigns!

Dec 21, 2016 08:53 PM
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

What Lyn Sims said - they sold your loan and you have to start all over from scratch!

Dec 21, 2016 07:40 PM
Rainmaker
503,726
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Are you the buyer or the seller?

Dec 21, 2016 05:52 PM
Rainmaker
14,327
Steve McRory
Pro Option Mtg. 888-662-4404 - Palm Beach, FL
Mortgage Loan Originator

Seems they're stratigically blocking your efforts to force them to allow you to shortsale, by selling your loan and forcing you to further kill your credit and torcher you by having to start all over again.    

You're trying this very late in the game and these banks know how to make it hurt a lot more than back in 2010 when they had no choice or options.

Theory: I'll bet these loans are sold at a big discount and your current lender takes on the servicing of other lender's loans who are dealing with borrowers also trying to short sale. 

Actually, if this theory is true, pretty smart tactic if you're a lender dealing with suchi ssues to stick together and volley the loans to each other.   

Jan 05, 2017 03:28 AM
Rainmaker
3,933,425
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't understand your question.

Dec 24, 2016 05:17 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Lenders have their own priorities, seldom concerned with yours.

Dec 22, 2016 06:30 PM
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Start all over.

Dec 22, 2016 06:24 PM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

Are you sure they just did not switch loan servicers?

Dec 22, 2016 03:56 PM
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

It is a challenging situation for sure - for everyone. Perhaps start from scratch!

Dec 22, 2016 03:22 PM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

it's called reinventing the wheel....

Dec 22, 2016 12:32 PM
Rainmaker
970,170
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

My guess is you'd have to start over w/the new lender.  Good luck!

Dec 22, 2016 12:23 PM
Rainmaker
861,695
Les & Sarah Oswald
Eastvale Team Realty & Property Mgmt - Eastvale, CA
Broker, Realtor and Investor

You are going to have to start the process all over again with the new lender. Sorry...

Dec 22, 2016 10:09 AM
Rainmaker
689,668
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

It means you are back at square one and have to start again - I feel your pain for sure -  Just lost a short sale because the bank dragged it out endlessly and after 1.6 years finally said "No, will not accept a short sale" and foreclosed on the property

Good luck

Dec 22, 2016 09:37 AM
Rainmaker
627,533
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Try again and pick well.

Dec 22, 2016 08:22 AM
Rainmaker
2,435,139
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

It has happened ... and the simple answer is ... you are screwed.  You get to start the process all over again with the new lender.  It happened to me several times when I was doing short sales.  No warning either ... just bham in the middle of the night ... file was transferred.  

Dec 22, 2016 08:16 AM
Rainmaker
285,256
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

It sounds like the servicing rights to your mortgage has shifted . If you did not get a short sale approval letter before the change you now have to wait until the new services sends you notice .

Dec 22, 2016 08:08 AM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Whenever I see a loan switched to another lender the processing starts all over at the beginning.

Dec 22, 2016 07:07 AM
Rainmaker
2,378,021
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Lyn Sims summed it up. They have you starting over!

Dec 22, 2016 05:40 AM
Rainmaker
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Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

I don't understand your question.

Dec 22, 2016 05:19 AM
Rainmaker
785,906
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

That happens often unfortunately.

Dec 21, 2016 10:18 PM
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

It can get complicated.

Dec 21, 2016 06:42 PM
Rainmaker
4,273,598
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I home you are working with a trusted mortgage loan officer who will provide the needed results.

Dec 21, 2016 05:46 PM