Posted by River City on April 13, 2008 at 10:43:00:
You might want to read your “mortgage” documents, the ones you signed when you purchased the property and obtained the loan. The mortgage (security deed/deed of trust) might explain what happens in case you do not make your payments according to the Note. See if there is a section in the mortgage on “abandonment.”
Since you are not making payments, the lender has to protect their interests. Once the home enters the loss mitigation process, the lender must follow the guidelines of FHA/VA/FNMA/FHLMC, whichever type of loan you may have.
Good luck and I am glad you are doing the right thing rather than let the home go into foreclosure.
i am selling my home in a short sale which closes on the 30th of this month and the bank has changed the locks on the house 2 times already i cant get in nor could my realtor dont i still own the home? can they do that? thanks robert
Posted by River City on April 12, 2008 at 07:36:48:
Have you contacted the lender? They have certain procedures that must be followed to protect their interests during the loss mitigation process.
Have you “abandoned” the property? A lot of what the lender must do depends upon the status of the property. You should keep in close contact during the short sale process not only to keep them informed, but mostly to keep you informed of what is happening and what will happen in the future.
yes i have contacted the lender and they don’t know who orderd the lock up from there bank?they know they did it but not who. i don’t live there but i do have personal property there like a washer/dryer that they unhooked. i did go over and change the locks for the second time and got everything out.but is it legal for them to lock me out of my home when it is in a short sale?. thanks bob