want to do a short sale but can’t! - Posted by luke-NC
Posted by luke-NC on July 08, 2003 at 19:48:26:
I’m going over many different options here on this one:
house had 2 mortgages, 2nd mortgage holder foreclosed and now they own the house. I call them up, now they are preparing to deed me their position subject to the 1st mortgage.
The home is deplorable shape, it needs probably 100k worth of work and is worth about $300k in marketable condition.
So, I contact the 1st mortgage holder, Wells Fargo. This home has been sitting in limbo for over 3 years! They say they started the foreclosure process 3 years ago, but never followed through with it. My guess is because the home is a total loss.
Being the owner of the property, I want to do a short sale since the original mortgage amount was $225k I figure the amount owed now is either the same or a bit more, due to late charges, interest, etc…
Problem is, I cannot get any loan information, no one will talk to me, because the loan is in the borrower’s name and I don’t have the authorization to discuss it. I cannot find the borrower, he is loooooooooong gone.
It seems so stupid, I own the home, but can’t even get the payoff…
What to do???