Can my mortgage company sell my note to another companyif a contract is in process on a short sale with no notice?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can my mortgage company sell my note to another companyif a contract is in process on a short sale with no notice?
I am doing a short sale on my home. I had a buyer, contract and an offer with an acceptance from my bank at the beginning of last month. Then 10 days ago, I received notice (through my realtor) that my bank sold the note to another bank. Do I have any recourse?
Asked on January 19, 2012 under Real Estate Law, Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The lender that hold the paper on your home that you are trying to sell via a short sale is entitled at any time to sell the paper to another lender under the laws of your state if the loan is not a federally insured loan and under federal law if the loan is a federally insured loan.
Most likely the loan papers that you signed in conjunction with the loan you are writing about states that the loan is subject to transfer by the original lender to another entity.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.