Replies to This Discussion

Permalink Reply by Susan Burhoe on February 8, 2010 at 12:19am

Yes. They can, and do!

Permalink Reply by Kent Dills on February 8, 2010 at 3:38am

I agree withTeresa that I've never heard of this; but, then again, I've never heard of them offering to do loan mods after the foreclosure auction either. Really, after the foreclosure there is no loan to modify so it's actually like giving a whole new loan. Maybe they're wiping away principle too! Too bad they couldn't just modify the loan in the first place. ;-)

Permalink Reply by Makoto Sato on February 8, 2010 at 7:23am

Susan-My client with Beneficial "lost" their home to foreclosure auction but continued to fight using an attorney. The bank reinstated the loan and deeded the property back to the homeowners. They are now making affordable payments on their "new" loan. It was a very long and drawn out process.

Permalink Reply by Jerri Schick on February 9, 2010 at 12:52pm

I have the exact same question! I think I will ask the area manager I am working with. I would guess she would have to ask the investors that hold the note. But if it has been foreclosed on, who owns the asset?

Permalink Reply by Elizabeth Monje on February 9, 2010 at 8:58pm

Well basically is a REO thing is if the deed isnot file in the county it was "foreclosed on" there is no foreclosure, it never happened, weird huh? again today I have 2 assignments on foreclosed properties freddie Mc wants to know if they want to and can afford the home to do a LOAN MODIFICATION wich I am almost sure it will include a principal reduction to FMV...... they even offer lease backs! can you believe that! when its almost illegal to do that! They just want to keep their books in complinace as far as I am concerned
!

Permalink Reply by Elizabeth Monje on February 9, 2010 at 9:06pm

Guys......ask anyone that works with Titanium or other Home Retention Agencies, Loan Mods are happening after foreclosures.....and they do get reinstated, .........i(Im new) if we could actullay do as short sale and save the bank $$$$$ swithouth having to be an REO company? wouldnt that be great for all of us that are not lucky enough to be in that business?

Permalink Reply by Elizabeth Monje on February 9, 2010 at 9:08pm

On short Sales? please enlight us ALL..... I know a mod can be done but not a shor sale.....would you mind sharing?

Susan Burhoe said:

Yes. They can, and do!

Permalink Reply by Karen Mathers on February 12, 2010 at 4:46am

I had a BOA short sale that went to auction. I thought I stopped the auction but BOA did not tell the attorneys. Anyway, while I was making arrangements for a BPO the REO listing agent was paying the tenant cash for keys. I called the listing agent and they called Fannie Mae . . . you would never believe it. Fannie Mae vacated the foreclosure so I could proceed with the short sale!

Permalink Reply by Susan Burhoe on February 13, 2010 at 12:17am

I am not sure of the lender's criteria for this, but I had a short sale with an offer slip by the foreclosure date. The Seller has hired an attorney to negotiate with B of A, and they dropped the ball on this date. I terminated the listing, frustrated and disappointed with the attorney, because this would not have happened on my watch. I have 100% success rate at getting my short sales closed, and this was ruining my record. So after this the seller (who was an investor) continued reaching out to B of A. They said, go ahead with the short sale. The deed had not been recorded, and we moved on with the short sale. Back on track without the Attorney!

Elizabeth Monje said:

On short Sales? please enlight us ALL..... I know a mod can be done but not a shor sale.....would you mind sharing?

Susan Burhoe said:

Yes. They can, and do!

Permalink Reply by Mitzy on February 16, 2010 at 4:14am

I would love to know how... I see that you can, my question is how? I just had a property that they foreclosed on the borrower had a hearing in court for an extension of the sale and the other party did not show up. Judge said he will be getting another hearing date in the mail and/or extension and never did, a week after it got sold back to the bank. I then called the bank and they said they could no longer help me, they then referred me to the REO department and they said it's impossible to proceed with the short sale.

I don't know how it's being done but sure would love to know.... Please share.

Permalink Reply by Elizabeth Monje on February 22, 2010 at 12:41pm

I think the secret is finding out if the deed was recorded or not, If it was then there is no way back but if it hadn't then go back to the REO dept, or whatever department is in charge of getting to see that deeds are recorded, I think they are doing this on purpose as to not have so many foreclosures on their books. looks like its a hard thing to accomplished but not impossible.