Good morning,
To make this short, and even short its a bit complicated, sorry. My wife had surgery and was out of work for 9 months. Before the surgery we went to the mortgage company, told them about a foreseeable hardship and asked for help ahead of time. They said no, they would only help if we were >3 months behind, which we were trying to avoid.
During the 9 month recovery, we fell 3 months behind, but still making partial payments at a minimum each month, then asked for help. Their response was no, again. Once my wife was back to work, we took a loan from family to catch the mortgage back up to date. The following payment, they took electronically, but did not apply it to the loan, which we didn't know, we just knew we paid it. The following month they told us we were 2 months behind and that they would only accept bank certified checks and that we were 2 months behind. At this point my wife was only part time due to slow recovery and we were not able to pay 2 months. It snow balled from there. The payment they took, but did not apply to the loan goes to my 2nd question.
We put the house on the market for what we owed, then lowered it 6% monthly. We talked with the bank, had an assessor of their choosing come out and evaluate the house. We put it on the market per their evaluation. We finally received an offer for slightly more then their value. We submitted all the paperwork for a short sale on February 2nd.
What is the acceptable time period for them to review an offer before they make a decision? We have already passed the original signing date of April 20th. Fortunately the buyer has not left and is sticking with it. At this point the buyer is homeless since their lease has run out and we are worried they will go elsewhere.
Second question. Are their grounds for any legal ramifications against the mortgage company? 1. If they have taken longer than it should to process the offer. 2. They took a payment in full from us, did not apply it to the loan, and refused to do so after. We did not get a refund until almost 3 months later. 3. In my hardship letter I mentioned most of the problems were attributed to our loan officers inaccessibility. Routinely, it would take a weeks worth of calling, emailing, and voice mails to get in contact with her. Now, after talking with our lawyer, they have said that it is the same person who is holding up the review process due to them not being able to get in contact with her. I am not looking to make a killing off of this, but to be able to recover the cost of the lawyers that we have if they deny the short sale is more so what we are after, anything extra, if at all would be just that, extra.
Thank you, sorry for the long post.
To make this short, and even short its a bit complicated, sorry. My wife had surgery and was out of work for 9 months. Before the surgery we went to the mortgage company, told them about a foreseeable hardship and asked for help ahead of time. They said no, they would only help if we were >3 months behind, which we were trying to avoid.
During the 9 month recovery, we fell 3 months behind, but still making partial payments at a minimum each month, then asked for help. Their response was no, again. Once my wife was back to work, we took a loan from family to catch the mortgage back up to date. The following payment, they took electronically, but did not apply it to the loan, which we didn't know, we just knew we paid it. The following month they told us we were 2 months behind and that they would only accept bank certified checks and that we were 2 months behind. At this point my wife was only part time due to slow recovery and we were not able to pay 2 months. It snow balled from there. The payment they took, but did not apply to the loan goes to my 2nd question.
We put the house on the market for what we owed, then lowered it 6% monthly. We talked with the bank, had an assessor of their choosing come out and evaluate the house. We put it on the market per their evaluation. We finally received an offer for slightly more then their value. We submitted all the paperwork for a short sale on February 2nd.
What is the acceptable time period for them to review an offer before they make a decision? We have already passed the original signing date of April 20th. Fortunately the buyer has not left and is sticking with it. At this point the buyer is homeless since their lease has run out and we are worried they will go elsewhere.
Second question. Are their grounds for any legal ramifications against the mortgage company? 1. If they have taken longer than it should to process the offer. 2. They took a payment in full from us, did not apply it to the loan, and refused to do so after. We did not get a refund until almost 3 months later. 3. In my hardship letter I mentioned most of the problems were attributed to our loan officers inaccessibility. Routinely, it would take a weeks worth of calling, emailing, and voice mails to get in contact with her. Now, after talking with our lawyer, they have said that it is the same person who is holding up the review process due to them not being able to get in contact with her. I am not looking to make a killing off of this, but to be able to recover the cost of the lawyers that we have if they deny the short sale is more so what we are after, anything extra, if at all would be just that, extra.
Thank you, sorry for the long post.
