 Does this sound fishy?
I had a piece of rental property that I could not sell for what I owed on it. After no luck for almost 8 months I called the mortgagee and asked about a short sale. I was told by ASC (Americas Servicing Company) they only entertain short sales when an owner is past due on their mortgage. Two months later my renters moved out and I found myself in this situation. In October 2007, I stopped making payments.
I hired a short sale company (big mistake), but by December 2007 we offered them three contracts for sale. For literally MONTHS they kept putting us off saying they were going to "assign it" but by late February still hadn't done so. At this point, I lost 2 of the contracts because the buyers were tired of waiting.
In April 2008, they were still squabbling over 1000.00, saying the final contract was not market value. Repeatedly, we contacted them about negotiating between short sale company and realtor the 1000.00, or I would pay the money so the sale could go through. We were told "NO", the only way they would accept is if the second lien holder agreed to only 1000.00, instead of the 2000.00 they were requesting.
I pleaded with them that we were going to lose the sale if this continued and this would push me into foreclosure. Their reply was "short sale, foreclosure, bankruptcy all the same to us."
Needless to say. I lost the final contract....
My question is this- Do I have any legal recourse? Can they just refuse a valid (and quite good - considering the market tanked in that area- offer), then turn around and sell it for less and come after me for difference?
I REALLY don't want to be pushed into bankruptcy when I feel I did my due diligence to make this situation work all around.
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