Simultaneos loan modification and foreclosure

Hi Everyone,

Newbee here.

client has account in loan modification department and a filed foreclosure with no imminent date to foreclose. Called Wells Fargo and they said they can go ahead with foreclosure when client removes herself from loan modification. On top of this, have buyer in the wings.

What to do?

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Permalink Reply by Jeff Payne on July 29, 2011 at 5:28am
Present Wells with a short sale package ASAP.
Permalink Reply by monique nerkowski on July 29, 2011 at 5:34am

Thank you for your quick reply. I did get an authorization letter but now no negotiator or anyone to talk to. and homeowner wants to stay in house as long as possible. what next?

 



Jeff Payne said:

Present Wells with a short sale package ASAP.
Permalink Reply by Jeff Payne on July 29, 2011 at 6:13am
Do you have your short sale package put together?  GO into equator and initiate your short sale and get the files uploaded ASAP
Permalink Reply by Jeff Payne on July 29, 2011 at 6:23am

Garrett, it appears that there is not a foreclosure date set, All she needs to do is get her short sale package uploaded to Equator.  No need to postpone a sale that is not even scheduled.  

Get your package in ASAP and stay on top of it and you will get your approval

Permalink Reply by monique nerkowski on July 29, 2011 at 7:07am

Hey guys thanks for all the good advice.

Let me get this straight. I can submit in Equator a full short sale package ( including a purchase agreement) or a trustee sale posponement ( dont know what that is).

I have listing packet where I found the Lis Pens with no date as of yet.

okay.

Garrett McCargar said:

I understand, and I agree that putting in a shot sale bid will probably be the best way to approach the situation, but if in case they aren't ready or anything else falls through and a sale date is noted then the service would be perfect to help buy more time to get all her ducks in line.

 

www.stopthesaledate.com

Permalink Reply by Jeff Payne on July 29, 2011 at 7:11am

Monique, first answer these questions:

Are you the listing agent? If answer is yes...

Do you have a purchase contract that is signed by both the buyer and the seller.  If answer is yes...

YES, get it submitted on equator ASAP.

There is no need to worry about postponement of the trustee sale at this point because there is nothing to postpone.  Get your short sale moving so that you can get it done before there is a trustee sale.

Permalink Reply by Sandra Allen on July 30, 2011 at 1:11pm
Brian and Jeff especially, are correct.  Additionally, is there anyone else in your office to assist you?  In my opinion if you aren't clear on what a trustee sale postponement is (and that you don't actually need one), you may be in over your head.  First do no harm.  I say this very gently... If you're not competent to handle this, please seek advice from your BIC or associate broker.  You will feel much better and avoid any problems to include legal in the long run.
Permalink Reply by monique nerkowski on July 30, 2011 at 3:28pm

Thank you Sandra and Brian,

As of right now there is no one to go over this with me. QB prefers to drop this type of situation. I have done some research on internet and prepared a Wells Fargo short sale package. Spoke with the other realtor who is meeting with me tomorrow to view property and submit purchase agreement. Already a member of Equator.com. Will submit package there as suggested once packet is complete. Are there any other loose ducks I need to track down? What next?

Also looked into trustee sale postponement I do not think that at this time it is the route to go.

Brian, yes I am listing agent.

As for phone guidance, who do I contact and at what number?
Sandra Allen said:

Brian and Jeff especially, are correct.  Additionally, is there anyone else in your office to assist you?  In my opinion if you aren't clear on what a trustee sale postponement is (and that you don't actually need one), you may be in over your head.  First do no harm.  I say this very gently... If you're not competent to handle this, please seek advice from your BIC or associate broker.  You will feel much better and avoid any problems to include legal in the long run.
Permalink Reply by Bryant Tutas on July 31, 2011 at 1:27am

Monique. Please take the time to read this article I wrote about how to submit a successful short sale package. Every item in it is important:

http://activerain.com/blogsview/2386003/submitting-a-short-sale-pac...

Also, you will need to explore the Wells Fargo group on this site as it contains forms and contact numbers you will need:

http://shortsalesuperstars.com/group/wellsfargoshortsales

And the same for the Equator group.

http://shortsalesuperstars.com/group/reotrans

I hope this helps.

 

 

Permalink Reply by monique nerkowski on July 31, 2011 at 2:19am

You guys are angels!

 

Bryant,

I looked at the list on your website. Most of the requirements I have.

The MLS is not available, sort of. I put on MLS, then boss had me cancel.

BPO do not have, hoping to get one as soon as a negotiator is assigned.

 

I show the house this afternoon, talk to agent and hopefully get everything wrapped up no later than tomorrow afternoon.



Bryant Tutas said:

Monique. Please take the time to read this article I wrote about how to submit a successful short sale package. Every item in it is important:

http://activerain.com/blogsview/2386003/submitting-a-short-sale-pac...

Also, you will need to explore the Wells Fargo group on this site as it contains forms and contact numbers you will need:

http://shortsalesuperstars.com/group/wellsfargoshortsales

And the same for the Equator group.

http://shortsalesuperstars.com/group/reotrans

I hope this helps.

 

 

Permalink Reply by Bryant Tutas on July 31, 2011 at 2:42am
Why would the property not be in the MLS? This will be required by the lender. The BPO is the listing agents opinion of value not the BPO agents. You are asking the lender to accept a short sale for the seller based on fair market value of the property. You need to make your case by justifying the contract by your own BPO or market analysis.
Permalink Reply by monique nerkowski on July 31, 2011 at 2:56am

According to QB, we are uable to help them due to they are in foreclosure ( with no date as of yet).



Bryant Tutas said:

Why would the property not be in the MLS? This will be required by the lender. The BPO is the listing agents opinion of value not the BPO agents. You are asking the lender to accept a short sale for the seller based on fair market value of the property. You need to make your case by justifying the contract by your own BPO or market analysis.

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