When is postponement not really a postponement?

Heres my newest story for all to read and your comments are greatly appreciated.

 

When is a sale date postponement not really a postponement?

 

Received a short sale transaction on 1/13/2010 with a foreclosure sale date of 1/25/2010.

The file was initiated on Equator and languished there for several weeks.  We kept calling and the sale date which was scheduled for 1/25/2010 was postponed until 2/25/2010.

  • Kept calling and working on required tasks in Equator and sale was postponed until 3/17/2010
  • So on 3/15/10 we requested postponement through the normal channels.  This normally works well by the way.
  • On 3/16 system still showed the sale date as the 17th so we called and a supervisor authorized a postponement
  • Morning of 3/17 we are really sweating this one and I get on the phone.  Call the BofA number specific to Equator system 866-677-2516 and verify with the agent that postponement was approved by the supervisor.  Sale is two hours away and counting down.  Informed that I should call the foreclosure department to discuss ( 866-200-9624 )
  • They tell me that the sale is still scheduled and that I would need to speak with the foreclosure technician assigned to this file - Deonnica Hicks at 469-201-0589
  • Call her and talk to her about the postponement.  She indicates that the investor (Fannie Mae) has the final word on postponement and she does not have any approval or disapproval from the investor.  She takes my number and tells me she is speaking to her supervisor and communicating with her contact at Fannie Mae.  She will call me back.
  • Thirty minutes to go.... ....... ...... ...... ...... ...... (WAITING ON BENDED KNEE)..... ..... ..... ..... ....
  • Amazingly she CALLS ME BACK TO LET ME KNOW FANNIE MAE has approved the postponement and the new sale date will be a month away.  Wow!! I am impressed with myself.  I thank her and believe the sale has been postponed.
  • Property disappears from the scheduled sale list on Recontrust (which is some cause for concern due to the fact if it was postponed it should be further down on the list)
  • Midday I check Recontrust sold property list and it is not on it. Awesome

Wake up on 3/18 and check the website and low and behold it reverted back to Fannie Mae/BofA as an REO for $138,951.67 - WTF!!!!

 

My next step was to call back the foreclosure technician but shes not there so I leave a message -

"Deonnica,

 

Just checked the Recontrust system and it appears that the property you indicated was postponed actually reverted back to BofA/Fannie Mae as an REO.

 

I am really confused as I relayed the news of the postponement to all parties involved in the transaction and assumed we were moving forward on this short sale.

 

I hope that this was an error which can be corrected.  Please call me immediately to discuss."

 

Now of course I really would like the sale reversed.  It would be a personal milestone if I am able to get the bank to reverse a foreclosure as I have never been able to get it done.

 

I will keep everyone advised as to progress made.

 

It is upsetting as most if not all our short sales have foreclosure dates.  When the lender verbally indicates the sale has been postponed we take them at their word.. 

 

To be continued.....

 

 

Views: 148

Replies to This Discussion

Permalink Reply by Janine McBride on March 18, 2010 at 6:37am
Hi Sam,
Update finally spoke to a Supervisor she said that if the home doesn't get sold at the courthouse that they can resend it and get it back and proceed with the short sell. So I have my title guy looking into it to see what happened if it got sold or not. I doubt that someone is going to pay 322,000 for a home that is worth 255,000. So there is still a little bit of hope. Also she said it is possible that their request they sent in two days ago just hasn't updated to the system yet. So maybe it didn't go to sale after all. Thanks for your help and encouragement. Good luck to you on yours.

Sam Purtle said:
Janine - call 866-200-9624 and explain the situation.

Janine McBride said:
That would be wonderful if I could get the foreclosure technician on the phone she still hasn't called me back.

Kenny Wagner said:
I would go back to the foreclosure dept and if you have the info & # call the foreclosing attorney. You can reverse a sale as long as the paperwork for the deed transfer hasn't been sent out yet by the foreclosing attorney. If that hasn't happened you'll need someone in the foreclosure department to call the foreclosing attorney to not send out the deed paperwork and to reverse the sale. Good luck!

Janine McBride said:
Have you heard anything on yours? Do you recommend that I just go directly to the foreclosure person or continue to hold with the short sell dept waiting to talk to a supervisor that probably won't even help me.
Permalink Reply by Janine McBride on March 24, 2010 at 5:15am
I JUST WANTED TO LET YOU ALL KNOW THAT MY PROPERTY WAS ON THE LIST TO BE SOLD AT 10:00 AT 10:05 I FINALLY GOT A CALL FROM A SUPERVISOR AFTER I HAD EMAILED HER CALLED HER AND EMAILED THE NEGOTIATOR AND CALLED SAYING HOW IS IT POSSIBLE FOR YOUR TO APPROVE A SHORT SELL AND THEN LET IT GO TO FORECLOSURE THE SAME DAY, THAT IS WHEN I GOT THE CALL FROM THE SUPERVISOR SHE SAID THEY HAD PUT INT HE REQUEST TO BE POSTPONED TWO DAYS AGO BUT FOR SOME REASON THE FORECLOSURE DEPARTMENT DIDN'T GET IT! SHE SAID WE COULD RESEND IT IF IT DOESN'T GET SOLD AT THE COURT HOUSE. SO LATER THAT DAY I CHECKED TO SEE IF IT HAD BEEN SOLD AND IT WASN'T ON THE LIST I HAD MY TITLE REP DO RESEARCH TO FIND OUT WHAT HAPPENED WITH THIS PROPERTY AND HE CALLED ME AT 9PM TO TELL ME THEY PULLED IT AND POSTPONED THE SELL FOR 30 DAYS. ALL THAT STRESS AND SITTING ON THE PHONE FOR HOURS TRYING TO GET SOMEONE TO HELP ME IF I HADN'T DONE THAT IT WOULD HAVE GONE INTO FORECLOSURE AND I CAN'T GET THOSE HOURS BACK OF MY LIFE THAT WERE LOST FROM THE STRESS. I AM HAPPY HOWEVER THAT IT GOT POSTPONED.

Janine McBride said:
I am going through the same thing with Bank of America I have been requesting that they post pone the sell for weeks, we just got approval this morning and it is scheduled to go to sale at 10:00 today. I have called Barbara McCellan is is the foreclosoure technician assigned to my account 469-201-0656 and she hasn't called me back. I have called and emailed the negotiator the negotiators supervisor I have talked to the short sell department over and over and I am now holding waiting to talk to a supervisor. I am so frustrated and devastated at the same time all this work just so they can foreclose on it. I feel that there is fraud happening here. We have approval all we need is 30 days to complete our transaction

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