the home that will not go away

[kareengas]

In short, I have been trying to sell a home for about 5 years. It has been fruitless as the property is "upside down". I have been through a series of realtors who have ultimately given up. I entered into the possibility of a short sale, found out the rep on this was "not turning in paperwork in a timely fashion or incomplete", and the short sale fell through. As of Oct. 2012 I enetered into the possibility of a Deed In Lieu. I was told by the lender this could take up to 6 months. As this time approaches, I have now been informed by same lender that my loan is being sold to another mtg co. and that I would have to look into their DIL program! WTH??! Is this legal? Moral? Ethical? Do I have any legal rigts here? Am I being shafted yet again?
Thanks.

 

[tranquility]

How are you being "shafted"? The lender never has to accept a deal where they are getting less than the amount due on the loan. If anyone is getting shafted, it is the person buying the loan from them. I hope they got a discount.

 

[HUD-1]

Yes, the lender is lagally allowed to transfer the servicing of a loan to another lender. They must notify you in writing. It is very common. If/when it goes through, start negotiations with the new lender.

 

[HomeGuru]

In short, I have been trying to sell a home for about 5 years. It has been fruitless as the property is "upside down". I have been through a series of realtors who have ultimately given up. I entered into the possibility of a short sale, found out the rep on this was "not turning in paperwork in a timely fashion or incomplete", and the short sale fell through. As of Oct. 2012 I enetered into the possibility of a Deed In Lieu. I was told by the lender this could take up to 6 months. As this time approaches, I have now been informed by same lender that my loan is being sold to another mtg co. and that I would have to look into their DIL program! WTH??! Is this legal? Moral? Ethical? Do I have any legal rigts here? Am I being shafted yet again?
Thanks.

**A: you would be only shafted if you have been paying your mortgage current and the lender will not deal with you. But then again, there is no requirement for the lender to accept less than agreed to per the mortgage docs.