Wednesday, December 30, 2009

Good news or Setback?

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Received word today that the Seller received a letter stating that his mortgage/file was being transferred to another bank effective January 1st. 

The bank that has it now and the bank it is being transferred to, are both institutions that tend to buy these types of mortgages.  They are like collection agencies, they purchase up these mortgages that are going south and if they clear them off the books they get a percentage of the sale.  Everyone is making a buck somewhere.

Not sure at this point if this is good or bad.  Any way you look at it, this should delay things a little bit.  The potential good is that the Seller was able to talk to someone live at the current bank and will do so again tomorrow.  Apparently they are trying to see if they can push through the approval prior to the transfer this weekend.  If they can do that, then the new holding bank should honor the approval and we move forward.  But no one seems to know for sure and we'll have to wait and see.

The bad outcome would be that we would essentially have to start over, the Seller would have to submit the hardship packet to the new bank and go through their approval process.

Hopefully we get some word, one way or another, tomorrow.  Otherwise, it's what we've been prepared for but don't want more...waiting!

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