Has Your House In Short Sale Locked By Bank?

Having your house in an active short sale locked by bank does not necessarily mean the home has been officially foreclosed on; quite often enough, it is simply a matter of property preservation. Mortgage servicer’s are in the business of servicing mortgage debt for investors and if they have notification or reason to believe, that a property is vacant or unsecured, they will take adequate measures to secure it. A few typical actions that are taken when a property preservation specialist goes to a property is to: check for vacancy, change locks, secure broken windows, and even potentially winterize a property if the property’s location and pending weather calls for it. Generally the property preservation specialist will leave a combo box at the property so an authorized party may still gain access to the property. House in short sale locked by bank; it may cause a delay, but the transaction still has hope of being completed.

Having the house preserved does not mean that a owner/borrower is not allowed back in the property. Many times the code is the last 4 of the borrowers social, loan #, or one can call the mortgage servicer to get the lock box code. Have questions or need support with a short sale? We recommend a free consultation with a senior member of our team, please fill out the form below or call 1(800)692-9960 for immediate assistance.

 

 

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