We recently competed a short sale closing where the property was in foreclosure.\u00a0 The property is still in foreclosure and will be until the\u00a0lender, one of the larger banks,\u00a0and their assembly line lawyers dismiss the suit.\u00a0 This, of course, can take several months.\u00a0 If anyone has tried communicating with a lender, you will understand that something so simple is, in fact, next to impossible.\u00a0 The large lenders communicate with the lawyers in the same inefficient manner.<\/p>\n
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I am not surprised by the snail like pace that the large lenders take when dealing with these simple matters.\u00a0 Maybe its because I see their incompetence almost every day.<\/p>\n
But one thing that is not an everyday occurance is when a process server gives legal advice to\u00a0the new owner of a property.\u00a0 This is\u00a0exactly what happened to\u00a0the buyer of the short sale\u00a0property.\u00a0 The process server, after delivering court documents,\u00a0informed the new owner that the property had been foreclosed – which was false.\u00a0 And that he was sure the\u00a0bank was going to take the property\u00a0back.\u00a0 This, obviously, upset the new owner.\u00a0 Not surprisingly, we recevied a panicked phone call.<\/p>\n
If you\u00a0are ever in this type of situation, there are a few rules to follow:\u00a0 1. DO\u00a0NOT, under any circumstance, believe what a process server tells\u00a0you – they are not qualifed to give you legal advice.\u00a0 2. Send a copy of the document\u00a0you received to your closing attorney.\u00a0 3.\u00a0 Let your closing attorney review the document and tell you exactly what\u00a0it is and how it pertains to your closing.<\/p>\n
Its a shame when very unqualifed people feel the need to play attorney.\u00a0 The only result that ever comes from this is that it hurts the people they are giving their “advice” to.<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"
We recently competed a short sale closing where the property was in foreclosure.\u00a0 The property is still in foreclosure and will be until the\u00a0lender, one of the larger banks,\u00a0and their assembly line lawyers dismiss the suit.\u00a0 This, of course, can … Continue reading