Need input please! Has anyone has any luck with an ING short sale where the sellers mortgage was WELL over $1M ($1.35 to be exact).
I represent the buyers and am concerned that this is a portfolio loan since it is with ING and that they may require the seller to liquidate assets or contribute to loss through a prom note, which I have been told the sellers will not do. I hate to have my buyers wait only to be disappointed but they love the house...Any of your experiences would be greatly appreciated! thanks
Michelle, we have, however ING, as you suspect, is most likely the servicer and investor on it. They can be one of the biggest pains in the neck to deal with and they are not very cooperative. They are one of the few lenders out there that really does not get it. They actually foreclose on properties, rent them out (if they are the investor) and then when the market turns (if it ever truly does back to where the original note is) they will sell it at that point. There is always hope, however that is an uphill climb there.
That is what I thought! haha....I am not sure why I didnt just contact you to begin with. If anyone would have this answer it would be HYSS. Thank you for your comment! Looks like we should keep our options open.
I represent the buyers and am concerned that this is a portfolio loan since it is with ING and that they may require the seller to liquidate assets or contribute to loss through a prom note, which I have been told the sellers will not do. I hate to have my buyers wait only to be disappointed but they love the house...Any of your experiences would be greatly appreciated! thanks
Michelle, we have, however ING, as you suspect, is most likely the servicer and investor on it. They can be one of the biggest pains in the neck to deal with and they are not very cooperative. They are one of the few lenders out there that really does not get it. They actually foreclose on properties, rent them out (if they are the investor) and then when the market turns (if it ever truly does back to where the original note is) they will sell it at that point. There is always hope, however that is an uphill climb there.
That is what I thought! haha....I am not sure why I didnt just contact you to begin with. If anyone would have this answer it would be HYSS. Thank you for your comment! Looks like we should keep our options open.