REO Standstill - MTGLQ and Selene Finance

5 Replies

I found a property that's been abandoned for over two years that I would like to pick up and flip.  Beautiful cape in a nice neighborhood.  Did some research and found out that the property was originally bought in 2007, foreclosure began in 2012, and was assigned to/bought by MTGLQ Investors LP (Goldman Sacs) in July of 2017.  Called the phone number for MTGLQ and got forwarded to a Goldman Sachs switchboard.  The operators at the switchboard forwarded me to a voice mailbox for MTGLQ (which apparently is the only way that you can talk to anyone at the subsidiary), so I left a message.  The next day I got a call from MTGLQ and they told me I had to talk to the servicer about short sales/ etc.  They could not provide to me who the servicer was or any other information pertaining to the property.

As luck would have it, the clerk who works in the town office of the property was able to tell me that the taxes on the property were paid by a Selene Finance (which I'm assuming is the servicer??) Selene Finance customer support will NOT provide any phone number to a REO department, insisting that any inquiry be made through email to the REO Department. After many attempts with no luck, I'm stuck at a standstill.

Has anyone been in similar predicaments?  What additional avenues can be taken to learn more/ get in contact with someone who can further assist in my short sale goal?

Additionally - has anyone had similar run-in's with Selene Finance or MTGLQ Investors LP?  Or have any contacts/advice that would be beneficial to me

@Lee Gagnon

Banks and servicers don't talk to the general public about their REO properties. You have to wait until they assign it to an asset manager and put it on the market with a listing agent.

Doesn’t sound like it IS an REO yet. An assignment is not a sale of the property and the lender told you to talk to the services about a short sale.....which means the borrower still owns it. Who do the county deed records show as current owner?

Wayne is right and your only contact to contact is the owner. If you found out who's paying the taxes, you can find out who the owner is. NO one else is going to talk to you. They get a million people a day trying to do the same thing you are doing.

It appears that Federal National Mortgage Association (Freddie Mac) assigned to MTGLQ (Goldman Sachs).  If I understand correctly, doesn't Goldman Sachs own the property?  Or would they just be the new lender?

Originally posted by @Lee Gagnon :

It appears that Federal National Mortgage Association (Freddie Mac) assigned to MTGLQ (Goldman Sachs).  If I understand correctly, doesn't Goldman Sachs own the property?  Or would they just be the new lender?

Unless the owner of record says Fannie Mae, no. Goldman may be servicing the loan (new lender). Borrower still owns it until it says they no longer do.

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