Can I Do A Short Sale If I Don’t Know Who Owns My Loan?

Here at Virginia Short Sale Advice, we get a lot of questions and encounter situations that a borrower can’t make sense of.

We recently had a potential seller tell us that they no longer wished to own their property, and had in fact walked away from the home almost 4 years ago. The lender never foreclosed on the property, but they had not paid the mortgage in years. They knew their loan had been sold multiple times, but didn’t even know who owned their loan currently!

So they asked: Can I short sell my home if I don’t know who owns the note? The answer is: YES. In fact, a short sale is probably the only option in a situation like this.

The first thing your short sale agents will do is run a Title Search with a title company. This will tell us who owns the note.

From there, we need to track down the loan servicer, which we can do by contacting the note-holder. We can then get the appropriate disclosure packet and short sale packet to be able to negotiate with the loan companies.

After we know the servicer and note-holder, the process turns into a usual short sale. Though there is no exact formula for a short sale as every case is different, we would put the property on the market, ratify an offer, negotiate the sale, wait for approval, and schedule/prepare for settlement.

If you don’t know your loan company and need help getting out of your complicated home ownership system, we can help. Call Rob Chevez at 703-587-0995.