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Client just received a Foreclosure Letter on BOA Short Sale

Hello All,

My client just called me, because she just received a Foreclosure Notice from an Attorney's office stating that they are going to foreclose on her home on March 2, 2010.

We have been in Short Sale He?? with BOA since September, 2009. We were just assigned our 1st negotiator three weeks ago. I spoke with the negotiator on last Wednesday and of course she informed me that she hasn't had a chance to review the file yet. She asked me to call her back on this Tuesday.

I asked the negotiator if my sellers info. needed to be added to Equator and she said "no...because if the file is in Equator, then I wouldn't need her.

Fast forward two days later and my client receives a Foreclosure Letter.

What do you do in this case?

I've worked on short sales with other banks where this has happened and I went directly to the Foreclosure Department to stop the Short Sale, but with BOA, I have no idea where to go?

Please, any advice would be of great help.

Thanks

Tags: attorney, boa, foreclosure

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Replies to This Discussion

Permalink Reply by Katerina Gasset on February 6, 2010 at 11:33am: You have to get the negotiator to postpone the sale. It also depends on what state you are in. If you are a judicial state, the negotiator won't postpone the date until about 4 to 5 days before that date. That is because of the terms of their PAS agreement with whoever the investor is. Freddie loans are always last minute postponements. There are legal reasons for this that I won't get into here- too long. But suffice it to say, you have to watch the court docket on a weekly basis and then call the negotiator and get your file moved along. They need the BPO in before they can determine to postpone the sale also.; ▶ Reply to This

Permalink Reply by MeLisa Minter on February 6, 2010 at 11:40am: Thanks Katerina,

They have requested two BPOs. One back in October, which got lost in translation, then they requested another one in November.

Do you think they will need another one, since we're in a new now?

I will certainly get in touch with the negotiator.

By the way, since I found out who my negotiator is and that she's local ( here in the DFW area) I was thinking of paying her a "visit" with my file.; ▶ Reply to This

Permalink Reply by Kent Dills on February 6, 2010 at 12:50pm: MeLisa, you might be at the point when you will need another BPO. They're usually good for 90 days and you're almost there if the last one was done in November.; ▶ Reply to This

Permalink Reply by Bill Schallmo on February 6, 2010 at 3:55pm: MeLisa,

What state are you in?
Was this a first or 2nd?
Was your fill submitted in the Equator system?
Their new system “equator” is a
I’m here in Orange County CA area, and have at least 1 supervisor phone number at the Brea facility.

Bill
Billmyrealtor@yahoo.com; ▶ Reply to This

Permalink Reply by MeLisa Minter on February 6, 2010 at 9:01pm: Hi Bill,

I'm in Texas. This is a first. It was originally a Countrywide loan. They were not using Equator when we started this Short Sale File. My negotiator is in the Dallas area, but any contact information you can give me would be great.; ▶ Reply to This

Permalink Reply by Sherry Wheeler on February 7, 2010 at 8:28am: I have the same situation. They just gave me specific dates to ask the negotiator to request a postponement. I'll have to check my file but it's a certain number of days before the sale date. You have different days depending on if a short sale has been accepted and another day if it hasn't. I can check my file tomorrow if you need the # of days prior to. Just let me know.; ▶ Reply to This

Permalink Reply by Bryant Tutas on February 7, 2010 at 8:34am: Melisa, I'd be surprised if they foreclose. Just stay on them and make sure the sale gets canceled. If they refuse to cancel it have the sellers get an attorney involved. There are things an attorney can do that will stop it in it's tracks.; ▶ Reply to This

Permalink Reply by MeLisa Minter on February 7, 2010 at 3:46pm: Thanks Sheryy,

Whatever info you can give me would be great.

Sherry Wheeler said:
I have the same situation. They just gave me specific dates to ask the negotiator to request a postponement. I'll have to check my file but it's a certain number of days before the sale date. You have different days depending on if a short sale has been accepted and another day if it hasn't. I can check my file tomorrow if you need the # of days prior to. Just let me know.; ▶ Reply to This

Permalink Reply by MeLisa Minter on February 7, 2010 at 3:47pm: Bryant I will definitely stay on them.

It's frustrating that the two departments(Short Sale & Foreclosure) don't communicate with each other.

Bryant Tutas said:
Melisa, I'd be surprised if they foreclose. Just stay on them and make sure the sale gets canceled. If they refuse to cancel it have the sellers get an attorney involved. There are things an attorney can do that will stop it in it's tracks.; ▶ Reply to This

Permalink Reply by Carol Pease on February 7, 2010 at 8:48pm: Melisa:

Get a copy of the foreclosure notice. There will be an attorneys name on it and/or the trustee's name on it on the last page. Google that company, get their phone number and give them a call. You may have to fax your letter of authorization to them. Call the trustee's office and the attorney and state your case. I had one scheduled for the 2nd of February and I got it moved ot the 2nd of March.

Get to your negotiator and tell her she needs to cancel the sale. They need to know by the 2oth of the month to get it done. Keep an email log of what you are doing.

If all else fails ask for verification of the note and send it certified to the address listed on the foreclosure notice. If this was a Countrywide and now BOA, who knows where the note may be? The foreclosure notice will have language about verification of the note and that they must stop foreclosure until they provide you with proof that the company foreclosing actually has the right to do so. Don't ask for verification until you are within the 21 days so wait a few days so they have to postpone it til the April sale date. There are many ways to skin that cat.; ▶ Reply to This

Permalink Reply by MeLisa Minter on February 7, 2010 at 8:57pm: Wow! Carol,

That's very informative. I see that this is going to be an interesting week. Hopefully I can get the foreclosure halted and the Short Sale moving.

Carol Pease said:
Melisa:

Get a copy of the foreclosure notice. There will be an attorneys name on it and/or the trustee's name on it on the last page. Google that company, get their phone number and give them a call. You may have to fax your letter of authorization to them. Call the trustee's office and the attorney and state your case. I had one scheduled for the 2nd of February and I got it moved ot the 2nd of March.

Get to your negotiator and tell her she needs to cancel the sale. They need to know by the 2oth of the month to get it done. Keep an email log of what you are doing.

If all else fails ask for verification of the note and send it certified to the address listed on the foreclosure notice. If this was a Countrywide and now BOA, who knows where the note may be? The foreclosure notice will have language about verification of the note and that they must stop foreclosure until they provide you with proof that the company foreclosing actually has the right to do so. Don't ask for verification until you are within the 21 days so wait a few days so they have to postpone it til the April sale date. There are many ways to skin that cat.; ▶ Reply to This

Permalink Reply by Carol Pease on February 7, 2010 at 9:19pm: Melisa:

That is the beauty of this group. We can help each other. Wendy and Bryan need to be commended on the great resource they have created for all of us to use. I have 2 clients that are BOA right now that I am working with.

Besides that, we Texans need to stick together. As you know we are non-judicial and we have to hold the wolves at bay because they don't have to do too much to foreclose on someone here. I've also found that you need to check the foreclosure notice and see if the trustee that is listed on the notice is the same trustee that was listed at the time the note was written. If it is not, did they follow the procedure listed in the note to change the trustee.

Anyway, I'm glad to help a fellow Texas Realtor.; ▶ Reply to This