Replies to This Discussion

Permalink Reply by Rose Alarcon on September 19, 2010 at 2:24pm

So long as the agent is in touch with the bank it should be no problem. The agent has to call and make sure they postponed the trustee sale.

Permalink Reply by James ferebee jr on September 19, 2010 at 3:34pm

Rose is correct, The agent needs to stay on top of the lender so that they postpone the sale.
It may take several calls but then again you did not state which lender it was however some are different in the way they handle these post ponements.
Some lenders will post pone them straight away and then some will do nothing until at least 5 to 10 days before the actual sale day.

Permalink Reply by Cici Glaser on September 19, 2010 at 6:26pm

Since you're representing the buyer, I think the main thing you can do is make sure the listing agent is staying in contact with the bank and on top of them about postponing the sale date. Some, like B of A, won't postpone until the last few days before the sale date, so the listing agent needs to know the timeline and make sure he/she contacts them within that time and gets it postponed. Hopefully, a negotiator for the bank will be involved by that time and will help with this also.Good luck; it's always nervewracking!

Permalink Reply by joe beauchamp on September 21, 2010 at 4:43am

If you see that sheriff sale date coming up, you could be in real trouble - both Fannie Mae and Freddie Mac are putting the screws to postponements. We have one where we are talking DIRECTLY to Freddie Mac, being assured all is well. She (at Freddie) apologized because now all is NOT well, the sheriff sale suddenly cannot be postponed. Not from the bank, this was directly with the investor.

At BofA, they will claim it is the investor, Fannie Mae, during my last query, said that the 1st postponement is up to "the bank". So, you'll get wording like "investor guideline says" which means they are fudging and you have a nasty pinhead of a negotiator who would rather close the file with a sheriff sale than actually work a short sale.

Now, in most places, starting foreclosure process means you have a ton of time - even BofA has a tough time dragging out the short sale to match how long it takes the courts to get around to the sheriff sale... ;-)