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Short Sales: Is Your Short Sale Lender Delegated?

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Posted By:
Yolanda DiPasquale
Posting ID:
3942l5906
Location:
Montgomery And Prince Georges
Telephone:
Tags:
 behind   morgage   payments 
Service Category:Real Estate
Business Name:Re / Max Excellence Realty
Address:
10230 New Hampshire Ave #100
Silver Spring, MD 20903

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Washington Metro Classifieds

Montgomery MD - Most people are shocked to learn that 80% of all loans held by Bank of America are not owned by Bank of America. That means someone else owns those loans.

A large majority of these loans are owned or insured by Uncle Sam. They own them outright thru Fannie Mae & Freddie Mac. And they insure the actual owners against loss thru FHA and VA.

Discover how other sellers successfully did a short sale and request a free consultation .The rest of the loans are owned by Wall Street Firms, Hedge Funds, Pension Funds, and other various investors. So who makes the decision on a short sale?

It depends. If the loan is "delegated", then Bank of America can make the decision to approve or deny the short sale. The actual owner of the loan has "delegated" the authority to make a decision to the lender handling the loan.

Usually a supervisor at Bank of America will make the final decision. This is an advantage because you are able to get an answer faster on the short sale.

A Non Delegated Short Sale can drag out longer. First you have to submit everything to the short sale lender. They look everything over.

They will ask you for any missing documents or anything else needed for the file. Then they submit the complete short sale package to the loan owner. The loan owner looks everything over and makes a decision.

The first question we ask when negotiating a short sale is, "Are you delegated." I want to know who the decision maker is on the file. This improves the odds of getting the short sale approved.

Thinking about a loan modification? Our Montgomery Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Call or email us for your free kit.

Yolanda is a Real Estate agent at Re/Max Excellence Realty.

Phone: (301) 431-6148.

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