Short Sale Approved Then Loan Sold By Bank!!!
Ok, here's the story...
I am in the process of buying a property in NJ which is a short sale. At the time the offer was submitted. The loan was owned by Wells Fargo. I received the short sale approval on Friday, July 20th. I immediately started my inspections and getting my financing in order.
When the title search was done, it showed Citi as the holder of the lien. After some further investigation, we found that Wells sold the loan to Citi on July 23rd (date on recorded doc).
Now I'm unable to get title insurance because the underwriters are worried we won't be able to get clear title.
Has anyone ever experienced anything like this? Does anyone have any contacts at Citi or Wells that could help me out? Any help or insight is much appreciated.
Thanks in advance!