I’m wondering how servicers can restructure a mortgage. There would have to be some kind of addendum to the note signed by both the borrower and lender. You can’t just verbally tell the borrower to keep on making the lower payments.
I also wonder how Realtors negotiate short sales. Do they just market the property then when they get an offer present it to the lender almost as a fait-accompli?
For you guys who have had done short sales, what is the process of getting one approved? I’m thinking that if short sales were easy to get approved, then everyone who is underwater would want one.
