Posted on Nov 28, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek at Keller Williams Real Estate, and we are Roseville & Sacramento’s leading short sale team and your short sale specialists. A common question I get from people who are interested in doing a short sale and say their loan is with Bank of America or Wells Fargo, and they make their payments to either one of these folks. The misconception is that Wells Fargo or Bank of America or whoever you’re making your payments to owns the loan. That’s actually untrue for most of the cases.

Believe it or not, 80% of the people who are 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 house, there is an investor. The question is who is that investor? That is the real decision maker, whether you are applying for a loan modification or a short sale, they are the ones who have the final decision about whether or not you are approved.

It’s extremely important to know who the real decision maker is. I could submit an offer to Bank of America; they may decide they want more money or tell me that they want more money, but is that what the investor really wants? What I’ve seen in many cases is the servicers are not exactly doing the best job for the investor. So, knowing who all the players are, in a short sale situation is absolutely crucial to success in closing and keeping your property out of foreclosure.

Again, I’m Mark Peek with Keller Williams, one of Roseville & Sacramento’s leading short sale teams. I’d be happy to answer any questions you might have. Thanks a lot and have a good day.

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