What Does it Mean if your Mortgage is being Sub-Serviced by Someone Else?

Posted on Dec 5, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today’s topic is about Mortgage Investors Corporation. Who are they? Frankly, the short sale I just got approved on recently was the first time I had ever heard of Mortgage Investors Corporation. I figured out some information on them at least on this file. They were sub-servicing for another servicer. What does that mean? It means they were handling the payments and the servicing on behalf of GMAC Mortgage in this case. This is the second time I’ve had a short sale file where the real servicer was GMAC. This is why it’s important to know who all the players are and all the decision makers in a file. In this case the investor was VA. It was a VA loan so it was the Department of Veterans Affairs. The short sale was approved and it was a relocation situation where the borrower was forced into retirement and subsequently had to relocate. In this case our approval letter was from Mortgage Investors Corporation but GMAC actually handled all the files as far as uploading the documents and negotiating the file for approval.

So if you have a mortgage with Mortgage Investors Corporation, there is a chance they may be sub-servicing for someone else, in this case GMAC. So if you have any specific questions on your mortgage, whether or not it’s with Mortgage Investors Corporation, give me a call. I’d be happy to help you out and answer any questions you might have. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to help. Thanks a lot and I look forward to speaking with you soon.

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