Auction sale 3 days away. Is it too late to negotiate a halt to the sale and start a short sale listing?
Auction sale 3 days away. Is it too late to negotiate a halt to the sale and start a short sale listing? I am in contact with the homeowner. They havent really tried any remedies yet with their lender (American Brokers Conduit) ... were overwhelmed and simply going to let house foreclose. Just one mortgage lien. LTV = 140%, 2006 loan. A short sale could keep them in the house rent free for awhile longer, possibly get them some relocation money, and keep the foreclosure off their credit.
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Permalink Reply by Short Sale Superstars LLC on
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Neil,
Do you have a short sale package or any documents from the homeowners at this point in time? Is this the first postponement? We work a large volume of files and it really depends on the lender and investor if the sale date can get postponed last minute. If it was a lender like Ocwen I'd say your out of luck, but I would give this deal a shot if I had the opportunity.
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310-564-6389
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Permalink Reply by Smitty on
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No it's not too late, but I tell the homeowner it's up to THEM to stop the sale and if they are successful, I am there the next day with a listing agreement. It can definitely be done, but if you don't have it listed or under contract, it likely won't get done by the time the auction starts. You make them accountable and part of the process.
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Permalink Reply by Neil Johnson on
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There has not been a previous postponement. What must the homeowner be prepared to do to stop the sale? Call the lender ( what would be the best dept to ask for this late to get someone to take action)? Put together a minimal / quick financial / short sale package and fax it to lender? Tell the lender that they want an opportunity to short sale the house in lieu of foreclosure and that they have a listing agreement with an agent? ...Other ideas to get lender to take action immediately ??? If lender says not enough time, any ideas out there to get creative / look to other means to get sale stopped to have more time to get lender to cooperate with a short sale ?
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Yes. Tell the homeowner that they must get to upper management somehow and ask them to stop the auction so you can work on a short sale. You are in the Hail Mary pass stage. This may or may not work but many times you can get a sympathetic ear and someone will pull the lever to stop it.
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