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Mortgage loans are usually sold on the soencdary market to an investor. Fannie and Freddie are the two biggest; they buy the loan from the bank so the bank does not tie up its capital for 30 years. If a short sale occurs, then the investor is having to release the debt for less than they were supposed to receive. Since the investors technically own the asset (the mortgage loan), they must agree to any sale.The good thing is that this is probably a non-performing asset for the investor (the borrowers aren't paying them back on the note they hold) and they may be happy to recoup any portion of their investment.References : Was this answer helpful?
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(VISITOR) AUTHOR'S NAME
Fares
MESSAGE TIMESTAMP
20 december 2014, 03:29:44
AUTHOR'S IP LOGGED
186.92.45.190
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