REO Standstill - MTGLQ and Selene Finance

REO Standstill - MTGLQ and Selene Finance

Rental Property Investor · ME · Member since 2015 · 7 posts · 0 votes

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

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Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
8y

@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.

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  • Real Estate Agent · Garden City, NY · Member since 2016 · 3k+ posts · 1k+ votes
    8y

    @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.

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    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?
  • Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
    8y

    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.

  • Rental Property Investor · ME · Member since 2015 · 7 posts · 0 votes
    8y

    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?

  • Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
    8y
    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.

  • Rental Property Investor · Chattanooga, TN · Member since 2018 · 74 posts · 19 votes
    7y

    If I find a house that is owned by fannie mae, how would I go about acquiring it? It's a big organization to navigate...

  • Real Estate Broker · Downers Grove, IL · Member since 2012 · 93 posts · 57 votes
    7y

    Gotta love BP when searching for some of the wackiest of terms (MTGLQ).    So, a colleague/client of mine has been eyeing this vacant property for nearly a year now.  Turns out it is also owned by MTGLQ.  I have sent them a correspondence and am just waiting to see if I hear anything back.   I wanted to refresh this thread...and curious if anyone has had any success in acquiring a property this way?

  • Paradise, CA · Member since 2015 · 1k+ posts · 871 votes
    7y
    Originally posted by @Rob Hayes:

    Gotta love BP when searching for some of the wackiest of terms (MTGLQ).    So, a colleague/client of mine has been eyeing this vacant property for nearly a year now.  Turns out it is also owned by MTGLQ.  I have sent them a correspondence and am just waiting to see if I hear anything back.   I wanted to refresh this thread...and curious if anyone has had any success in acquiring a property this way?

    I don't see anyone having any success acquiring property this way. 99 times out of 100, it's not for sale until a sign is on the front lawn and/or listed on Fannie Mae's website as an REO available for sale. Even then, Fannie has requirements to purchase their REO and you have to be an approved Homepath buyer.

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