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I need to get the contact info for my investor so I can arrange a short sale with a promissory note to preserve my credit.
My servicer, Li**ton Loan, is awful. It was like pulling teeth to find out the investor is Wells Fargo as Trust ADM/MS. When I called Wells Fargo I was told they couldn't find me in their system but they have 38 mortgage divisions and I could be in any one of them.
The house is in escrow right now but I am afraid it will fall through if I can't get some arrangement from the investor. I know Wells Fargo does this kind of thing but it is just a matter of getting to the division that holds my loan.
Your servicer should be your contact to get the short sale going -- they should be able to direct you to the actual investor that is getting the income stream from your loan. If that investor is under the WF umbrella now they MUST be able to track your loan.
I need to get the contact info for my investor so I can arrange a short sale with a promissory note to preserve my credit.
My servicer, Li**ton Loan, is awful. It was like pulling teeth to find out the investor is Wells Fargo as Trust ADM/MS. When I called Wells Fargo I was told they couldn't find me in their system but they have 38 mortgage divisions and I could be in any one of them.
The house is in escrow right now but I am afraid it will fall through if I can't get some arrangement from the investor. I know Wells Fargo does this kind of thing but it is just a matter of getting to the division that holds my loan.
Chances are that your loan is owned by either Freddie Mac or Fannie Mae but regardless;
the servicer (who I presume by your statement) of the loan will have to agree to do a short
sale on this property after your financials are analyzed.
How do you know that you will need a promissory note to close this deal ? ... You may be
asked for one or you might not need one.......
There are other factors that you will need to consider before you proceed with a short sale;
1. Is there any Mortgage Insurance attached to your loans ?
2. Are there any other liens on the property
3. Is it listed with a realtor or are you doing it yourself ?
These are "some" of the things you will need to know before you commence this roller coaster
ride........
Thank you for your responses. The more I talk to people the more I am finding that the demand for a promissory note in a short sale typically comes from the mortgage insurance company and not from the lender or investor.
I know I would need a promissory note because we will be between $33k $48k short on the sale. At this point I am not going to start a short sale. I can afford to keep making payments for now if I can't figure out a way to complete the sale.
Thank you for your responses. The more I talk to people the more I am finding that the demand for a promissory note in a short sale typically comes from the mortgage insurance company and not from the lender or investor.
I know I would need a promissory note because we will be between $33k $48k short on the sale. At this point I am not going to start a short sale. I can afford to keep making payments for now if I can't figure out a way to complete the sale.
One suggestion if I may; I hope the people you are talking to are from the bank
and not someone who considers themselves to be an expert on the subject of
short sales.
Promissory notes can come from either the investor and/or Mort. Insurance (MI),
the negotiator will determine if a promissory note will come from the investor
but as far as MI is concerned it will be an independent decision made not by the
negotiator but by MI dept. themselves.
Question: How did you come up with those figures of $33k-48k ? are these figures
based on the current unpaid balance of your mortgage ?
I need to get the contact info for my investor so I can arrange a short sale with a promissory note to preserve my credit.
My servicer, Li**ton Loan, is awful. It was like pulling teeth to find out the investor is Wells Fargo as Trust ADM/MS. When I called Wells Fargo I was told they couldn't find me in their system but they have 38 mortgage divisions and I could be in any one of them.
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I am in the exact same boat as you. I wrote to Litton asking for the investor and was told that the investor is Wells Fargo as Trust ADM/MS. They said they could not give me the contact phone, address or email because it is "confidential" When I called Wells Fargo, they could not find my loan either. If you find a phone number that works, please post it. I'll do likewise. I took this path after I exhausted every possibility of working out some kind of loan modification with Litton. They said I do not qualify for a government loan modification and now the house is in foreclosure. So, if I can get to my investor, my hope is to work something out directly with them since Litton is a useless road block.
Last edited by Green Irish Eyes; 09-12-2009 at 07:22 AM..
Reason: Cleaned up the coding
I'm in the same boat ...my case is that my original title company went out of business (Alliance Title Company) and funds were still in my escrow account. It's been over 4 years of trying to have these fund release before the State Of California take them. Litton have denied that I have them funds. I was told by the new title company that If I can get a release from the investor then they would release the funds.
Also Litton has open up a escrow 3 years ago stating that I owe them $12,000+ plus for advances??? Can they do this if the orginal escrow is still open with funds? And can they forclose on a debt where I never received the full amount of the loan which I've made payment ...we're speaking around $16,000 was lefted in escrow...
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