Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer - Short Sale Superstars2024-03-29T06:43:40Zhttp://shortsalesuperstars.com/forum/topics/shellpoint-servicing-refusing-short-sale-during-redemption-period?commentId=3468065%3AComment%3A390882&xg_source=activity&feed=yes&xn_auth=noThanks for the great informat…tag:shortsalesuperstars.com,2017-11-29:3468065:Comment:3908822017-11-29T18:17:05.614ZJim Bowserhttp://shortsalesuperstars.com/profile/JimBowser
<p>Thanks for the great information!</p>
<p>Thanks for the great information!</p> If the sale date isn't postpo…tag:shortsalesuperstars.com,2017-11-29:3468065:Comment:3908812017-11-29T17:49:29.548ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>If the sale date isn't postponed and if no third party wins the auction the property reverts to the foreclosing mortgage lender thus becoming a REO aka bank-owned property.</p>
<p>If the sale date isn't postponed and if no third party wins the auction the property reverts to the foreclosing mortgage lender thus becoming a REO aka bank-owned property.</p> Thank you again for your repl…tag:shortsalesuperstars.com,2017-11-29:3468065:Comment:3909882017-11-29T17:22:23.954ZJim Bowserhttp://shortsalesuperstars.com/profile/JimBowser
<p>Thank you again for your reply! Is that also where no sale occurs at the auction as no one bids on the property?</p>
<p>Thank you again for your reply! Is that also where no sale occurs at the auction as no one bids on the property?</p> I've never seen a short sale…tag:shortsalesuperstars.com,2017-11-29:3468065:Comment:3909862017-11-29T16:45:16.490ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>I've never seen a short sale allowed on a home that was already foreclosed on by a senior mortgage. Redemption periods are so borrowers have an opportunity to reclaim the property.</p>
<p>I've never seen a short sale allowed on a home that was already foreclosed on by a senior mortgage. Redemption periods are so borrowers have an opportunity to reclaim the property.</p> Thank you Brett for the respo…tag:shortsalesuperstars.com,2017-11-29:3468065:Comment:3909812017-11-29T15:46:20.868ZJim Bowserhttp://shortsalesuperstars.com/profile/JimBowser
<p>Thank you Brett for the response! Would they be more likely to entertain a short sale if the mortgage was government insured? Do you know any way to get the bank to consider a short sale? I was advised by someone who said they did a lot of short sales when I was going into short sales that Michigan was great for short sales because we have a 6 month redemption. But are you saying that most banks will just toss your application once a foreclosure sale is held, even if not bid on, and will…</p>
<p>Thank you Brett for the response! Would they be more likely to entertain a short sale if the mortgage was government insured? Do you know any way to get the bank to consider a short sale? I was advised by someone who said they did a lot of short sales when I was going into short sales that Michigan was great for short sales because we have a 6 month redemption. But are you saying that most banks will just toss your application once a foreclosure sale is held, even if not bid on, and will not consider a short sale after the sale date?</p> If it's a REO and they won't…tag:shortsalesuperstars.com,2017-11-28:3468065:Comment:3909772017-11-28T19:48:48.768ZBrett Goldsmithhttp://shortsalesuperstars.com/profile/BrettGoldsmith
<p>If it's a REO and they won't entertain a short sale during the redemption period you'll likely need to wait until it's listed as a REO to try to purchase it. This is common. Hard to purchase a single bank owned asset from large servicers once bank owned. Generally need to wait until it jumps on open market with designated REO agent.</p>
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<p>Best of luck.</p>
<p></p>
<p>Brett@ishortsalenow.com</p>
<p>310-564-6389…</p>
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<p>If it's a REO and they won't entertain a short sale during the redemption period you'll likely need to wait until it's listed as a REO to try to purchase it. This is common. Hard to purchase a single bank owned asset from large servicers once bank owned. Generally need to wait until it jumps on open market with designated REO agent.</p>
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<p>Best of luck.</p>
<p></p>
<p>Brett@ishortsalenow.com</p>
<p>310-564-6389</p>
<p><a href="http://www.ishortsalenow.com" target="_blank">www.ishortsalenow.com</a></p>