Replies to This Discussion

Permalink Reply by Shannon Renner on January 7, 2011 at 12:51pm

Hi Jessica~

I just had the same issue here in Seattle.  Had the homeowner call B of A and get in touch with HAFA short sale department (Fannie loan). She has received communication back that they will see if she qualifies truly for a HAFA short sale and will let her know in 3 business days.  We will know by Monday (just called yesterday).If so, they will postpone trustee sale.  If not, they will revert it to another department to see what can be done.  You may have to escalate, but the big thing is to get the homeowner's financials, etc ASAP.

Permalink Reply by Phil Putnam on January 7, 2011 at 1:05pm

Jessica,

 

Sometimes just starting the Equator uploading process is enough to postopone the sale, however keep in mind when you get to submit offer and you can't, then after about 10 days you will get a decline. Also I agree with what Shannon suggested as well.

Permalink Reply by Patsy Clevenger on January 7, 2011 at 2:15pm

If this is the 1st time it is scheduled to go to sale they should postpone.  Go through B of A first (call them) if you have any issues call Fannie ASAP 800-732-6643.  Good Luck!

Permalink Reply by Kevin - Greenville, SC on January 7, 2011 at 3:28pm

Have them apply or re-apply for a loan mod.

Permalink Reply by Pacita C Dimacali on January 7, 2011 at 7:30pm

This  happened to me, when seller called two weeks before their condo was going to be auctioned. There were two loans, both with Chase.

 

Even without the sellers' documents, you can start the process by getting that letter of authorization pronto and start calling/faxing. It also helped that the seller was calling on her end. Not only did we call the bank,we also called the company handling the trustee sale (your seller may have received a notice showing who is handling the auction) -- and whatever I sent the bank, I sent to them, asking to postpone the sale.

 

Call, fax, email everyone you can get hold of.

 

Fax copy of listing agreement, MLS printout and probably market analysis to show sell-able value. And throughout the process, market the property like hell --- posting on as many website as you can besides on the MLS.

 

End of story: we received all cash offer within 2 days of promoting the property, and closed escrow 2 months later.

 

Call, fax, call, fax. Daily until you get through.