Mortgage Forum

Mike

I am a realtor "patiently" waiting for loss mitigation to process an offer I have on a listing that is now in the middle of foreclosure. I have had the property on the market for one year. My sellers are now 4 months behind in the mortgage pymt and the penalties are continually mounting on their late pymts. This is the firsts offer we have had and, of course, it has been low balled. I have all the paperwork to the mortgage co for over 2 weeks now. I call them a minimum of twice a day to see if this case has been assigned to a processor yet. Even though the buyer has given a low offer and would be getting a fabulous deal, they could walk away from this at any time. How long does the mortgage co think a buyer will wait? I understand they are overwhelmed with cases and more coming in everyday. Is there a secret to getting in touch with the right person to proceed with this? Everyday this is delayed, adds penalties to the account. If you have any suggestions for me, please let me know.