As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to another servicer the loan is “service released” to the new servicer. When negotiating…
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What Agents Say
Most all banks have an Arm’s Length Transaction requirement. The Buyer cannot be related to the Seller, be business associate or a close personal friend. There cannot be any side agreements between the Buyer and Seller regarding money, rental agreements or future options to purchase. Many banks have the parties sign affidavits or certification documents to that affect. Speak with one of the North Carolina short sale lawyers at Wilde Law Firm, PLLC today to confirm your short sale is an Arm’s Length Transaction.