Westminster, CO - Once again, working a short sale with a Large Lender, CitiMortgage, has become an absolute JOKE!!Our short sale team is off working an FHA short pay-off, and CitiMortgage is the servicer of this loan. For over the last 6 weeks they have DONE nothing on our file, since they still believe it is in the Chapter 13 BK. We have explained to them that this property does NOT reside in the CH 13 BK.
So the constant requests for the last couple weeks of asking for the BK Trustee to produce a letter of Abandonment, is not necessary. Of course, they did not decide to request this until after 6 weeks of providing our short sale team with BAD status of the file.
The Title company removed the requirement from the title work, since they understood the Confirmation of Plan, that was done last year. Here we have a title company willing to insure and yet Citi refuses to accept that.
We provided CitiMortgage with the Confirmation of Plan, 8 weeks ago, as well. They said it is "vague", and would not proceed with the file until we got the letter of abandonment from the Trustee. Needless to say, we have been pleading our case to NOT hold the file back, but proceed, since the FHA appraisal was done over 8 weeks ago, and we need the ATP, now!!
Of course, they have refused!!
Hopefully, we have this resolved. The BK Trustee will provide a letter stating that this property is NOT in the CH 13, and the Confirmation of Plan is very clear that this property does not need the Trustee's approval to sell.
For future reference to a Chapter 13 BK, YOU DO NOT need a Letter of Abandonment, NOR the approval of the BK Trustee, if the Confirmation of Plan has language in it, like, "All property shall revest back to the estate of the debtor" Simply put, the Trustee has NO INTEREST in that real property!!
I guess it is too difficult for the "geniuses" in the Loss Mitigation Dept to have their own legal dept review legal documents that THEY DO NOT UNDERSTAND!! Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
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Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of RE/MAX Alliance.
