In the ever changing world of short sales there is another obstacle that is coming to light – “servicer” changes during the short sale process. The “servicer” is simply the bank that collects the homeowner’s payment for the investor who owns the loan. Servicers are Bank of America, Wells Fargo, Seterus, Ocwen, PNC and many other. Many of the larger servicers service loans for hundreds of different investors. It is not uncommon for the servicing of a loan to be moved from one servicer to another.
So why is this an issue for short sales? In some cases you may have your home listed for a short sale, have a buyer under contract, have the short sale approved and get a notice that the investor has sold the servicing of your loan. Typically this means you will have to start the short sale process over with the new servicer. This adds another level of frustration and most likely more time to an already frustrating and time consuming process.
So if you are attempting a short sale and you receive a notice that you need to make your next mortgage payment to a new bank or servicer contact your short sale listing agent immediately. You will most likely need to resubmit a new short sale package to your new servicer.
