Patty's "All Things Real Estate" Blog.

August 3rd, 2009.  This is my first call to the lender to inquire about their short-sale procedure.  They advised that I need to send a  3rd party authorization form signed by the seller to authorize our brokerage to receive information about the property & mortgage.  Faxed the authorization form to the fax number provided.

August 10th, 2009. I spoke with Customer Service.  They advised that in order to speak to me as the sellers representative the bank has to send a letter to the seller to verify they authorize me as a third party.  They do not have the 3rd party authorization form that I faxed to them on August 3rd.  This person then transferred me to the Loan Modification Department.  Spoke to another rep.   This bank bought out another bank and inherited this loan, but they don’t have the loans transferred over yet .  I was advised that I have to call the previous banks Home Retention department.

Same day:  called the Home Retention department and was advised that they DO have my 3rd party authorization on file!  Was also advised of  the following:

• Need to list the home for sale as soon as possible
• Get updated financial worksheet from the seller
• Notice of default has been issued, but has not gone to foreclosure process yet.
• Loan modification file has been opened but has not been referred to a negotiator yet.
• When offer is received on home, offer needs to be negotiated, then called in to this department.  Information will be given at that time on where to send all documentation.

Same day/same call:  Transferred back to customer service for clarification on notice of default (NOD).  I was advised that I may need to talk to loss mitigation.  Notice of intent to accelerate the loan was sent on June 30th, however no NOD has been issued.  (Didn’t the previous rep tell me the NOD had been issued?  I am confused!). 

Off to install a sign post in the front yard!