Posted by Allen Cofield on September 30, 2009 at 9:30am
If you havent dealt with Short Sales then you wouldn't know what it means to have a Servicer tell you that the offer has to be approved by lender. Having an attorney will clear some confusion up about what is not suppose to be done and is being done by these lenders.In most states, there is a pooling and Servicing Agreement between the homeowner, the Lender, and the Servicer.It states the following "the Servicer shall have the full power and authority --- to do or cause to be done any and all things in connection with such servicing and administration which it may deem necessary or desirable."Having said this, this agreement is useless unless it is enforced. Who is enforcing it? Come on Realtors, we need to take some legal action so that Short Sales can be processed with a defined path, and not a bunch of BS we go through.
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