Who Is The Investor On Your Mortgage?
Posted on January 9th, 2012
Hello, I am Mark Peek at Keller Williams Real Estate, and we’re California’s main short sale team and your short sale specialists. A common question I get from people who find themselves excited about doing a short sale and say their loan is with Bank of America or Wells Fargo, they usually make their payments to either one of these folks. The misconception is that Wells Fargo or Bank of America or whoever you are making your payments to owns the loan. That is truly unfaithful for a lot of the cases.
Believe it or not, 80% of the people who find themselves making mortgage payments to Bank of America or Wells Fargo or many of the large lenders out there, they actually don’t own the loan on your own home, there may be an investor. The query is who is that investor? That’s the real decision maker, whether or not you might be applying for a loan modification or a short sale, they are the ones who’ve the final decision about whether or not you’re approved.
It’s extremely important to know who the real decision maker is. I could submit a proposal to Bank of America; they could decide they want more cash or inform me that they want more cash, but is that what the investor actually wants? What I’ve seen in lots of instances is the servicers aren’t precisely doing the perfect job for the investor. So, realizing who all of the gamers are, in a short sale situation is totally essential to success in closing and keeping your property out of foreclosure.
Once more, I’m Mark Peek with Keller Williams, one of California’s main short sale teams. I’d be to answer any questions you may have. Thanks so much and have a very good day.
For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.
Filed under Avoid Foreclosure, Contact Team, Decision Maker, Final Decision, Find Mortgage, Gamers, How To Avoid Foreclosure, Instances, Investor, Keller Williams Real Estate, Lenders, Loan Modification, Misconception, Mortgage Bank, Mortgage Payments, Peek, People Find, Perfect Job, Proposal, bank of america, foreclosure, foreclosures, short sale, short sale specialist, wells fargo |
Leave a Reply
You must be logged in to post a comment.