When you’re doing a short sale there is a danger that often lurks in the background that you don’t even know about.

Sometimes there’s gonna be an investor in the background that you don’t even know about. 

For example: 

A loan with Bank of America. 

Purchased a house 7 years ago.

Balance - $500,000

Property worth - $400,000

Probably around 7 years ago, shortly after you purchased the home. Bank of America very likely sold the secondary mortgage market. So, they might have sold that to an investor. 

Now, when the investor owns the loan. You might still be paying your cheques to Bank of America and so they’ve become the “servicer”. The reason that Bank of America is doing it is that they can actually make money servicing a loan without having to continue the risk if something happens and you don’t pay your mortgage and then they have a non-performing asset. 

Oftentimes, when you’re negotiating a short sale, you may think that you are actually negotiating with the bank alone, which is true. Yet, there’s an investor behind the scene that you’re not aware of. 

Sometimes the bank can make a decision on behalf of the third party investor, and sometimes they can't.

These are challenges that you may not know when doing a short sale. 

If you are in Virginia, Maryland, DC, or anywhere in the country and if you have any considering a short sale, when you’re behind on your payment,, and might be in a situation when you’re upside down on your mortgage. I'm happy to help you out. Send me an email at Dan@greetingsvirginia.com or call me at 703-346-2776 and I’ll be glad to answer specific questions for you.

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