Reply
Visitor
Tburns
Posts: 6
Registered: ‎01-19-2013
0

Short Sale Extension

I have a short sale that needed to close by 1/18/13. My lender funded to escrow, however title did not record on time. We had not requested an extension, as we were assured loan would fund and transfer 1/18/13. Has anyone experienced a similar situation??? This would be the first and only extension requested, as all we need to do is record. Bank is Homeward Mortgage. Any help would be appreciated. 

Silver Contributor
NKMom
Posts: 494
Registered: ‎10-30-2009

Re: Short Sale Extension

A few years back, we were close to the end of our loan lock, and title wasn't closing on time...and on the last day, owners decided that there were still more "stuff" in the house to clear and wouldn't turn the keys over...long story short...

 

take a deep breath...email and/or call your escrow officer/loan officer...

 

I know it makes it extra hard since it's a long weekend...of course...Murphy dictates everything urgent ALWAYS happen on a weekend...especially a LONG weekend...but chances are everything will be fine...

 

Try not to stress too much...it will be just fine...coming from the Stress Queen of 2010!  :smileyhappy:

Gold Trusted Contributor
Dag44
Posts: 2,884
Registered: ‎02-17-2009
0

Re: Short Sale Extension

Lol, ditto - coming from the stress queen of 2009!

Platinum Super Contributor
Nanomug
Posts: 10,224
Registered: ‎05-30-2009
0

Re: Short Sale Extension

The title recording is the last thing that happens.  The funds have likely been wired to the short sale lender(s).

 

Who told you that you needed an extension? By the timethe extension requests gets to the seller's lender recording will be done.  

 

What does your agent say?  What does your escrow company say?

 

 

Visitor
Tburns
Posts: 6
Registered: ‎01-19-2013
0

Re: Short Sale Extension

Both the escrow agent and real estate agent said we would need to contact the short sale bank to see if they would allow for more time. This is my first home, so I don't entirely understand the process. I was told earlier in the day there were no issues. Once I found out there was an issue it was already past 4:50 PM and everything closed at 5:00 PM. I spoke w/my lender on Friday and they said they had funded on their part, I've assumed the money is still sitting in escrow this whole time. Hopefully your right! This has been such a stressful weekend, not having answers. I'm so afraid I have gotten this far and will lose the house. 

Silver Contributor
NKMom
Posts: 494
Registered: ‎10-30-2009
0

Re: Short Sale Extension

Don't worry...I know it's tough.  A lot of us here had been through similar stressful situations...

 

If the house is meant to be yours, then everything will fall into place.  Short Sales are notoriously nerve-cracking...keep your chin up!  You've accomplished what most of us had failed in the past...

 

Just keep us posted when you get some information, and we'll try to help out as much as we can.  :smileyhappy:

Platinum Super Contributor
Nanomug
Posts: 10,224
Registered: ‎05-30-2009
0

Re: Short Sale Extension

I guess the biggest problem is the three day weekend and its hard to find people to talk to.  There is no rhyme or reason to short sales and their lenders. Each is different and its hard to guess.

 

Keep your sense of humor.  This will be funny in a few months when you are knee deep in paint and spackle.  

 

What exactly is the delay?  Did the escrow company fail to record or did something else happen?

 

If the escrow company is open tomorrow call them and talk to a manager.  If they are closed call first thing Tuesday morning.

 

My experiencde is once this kind of error occurs then its best to enlist the managers.  Sometimes the worker bees attempt to hide the errors and solve without giving the heads up to management.  Because of this and my need for action I don't wait.

 

Years ago we refinanced which closing at the beginning of the month instead of the first.  All was good until the next month when my former lender called to ask whay I hadn't made the payments due.  It turns out there was a problem with lender credits and there wasn't enough funds to pay off the mortgage so the escrow officer was trying to resolve the problem without telling anyone.  The new mortgage had funded so we were on the hook for two mortgages for the same amount.  

 

 

 

 

Platinum Super Contributor
Nanomug
Posts: 10,224
Registered: ‎05-30-2009
0

Re: Short Sale Extension

What happened?

Silver Contributor
NKMom
Posts: 494
Registered: ‎10-30-2009

Re: Short Sale Extension

[ Edited ]

From the other forum, it seems like things are moving for Tburns...

 

I hope so...no news is good news...my mother always says...

Visitor
Tburns
Posts: 6
Registered: ‎01-19-2013

Re: Short Sale Extension

Thank you for all the advise! I got the home. Technically the short sale approval had expired but title said to just continue forward. They sent the money to the bank and county recorded. I have to say, that was one of the longest weekend of life. I'm still not quite sure why they call them short sales.