Replies to This Discussion

Permalink Reply by Steve Early on December 7, 2010 at 5:39am

Hi Benjamin:

I don't have any magic numbers. All I can tell you is that it is getting harder to get short sales approved if they can't close before an auction foreclosure date. If you just go the offer and they are telling you they need 7 days to review it, they may be telling you the offer came in too late. We had all our paperwork submitted on a Bank of America/Fannie Mae deal, but the offer came in 2 weeks before the auction and the @#&(%! would not stop the auction. They said that their new guidelines from the investor required all paperwork (including the offer) to be in 21 days prior to an auction otherwise they didn't have time to review the offer and would not stop the short sale.

Permalink Reply by Benjamin Campos on December 7, 2010 at 5:57am

Wow !!! Unfortunately for me I had this happen to me twice last year. Both times I got foreclosed on. I just don't understand why they wait that long to look at a file . I know how to put a packet together .. Well I'm not giving up .. There must me somebody I can talk to ..

Permalink Reply by Luis Cardozo on December 7, 2010 at 6:14am

The only thing I can think of is for your client to file bankruptcy (if this is an option) to delay the foreclosure and negotiate with your lender on accepting the short sale.

Permalink Reply by Eileen W. Smith on December 7, 2010 at 6:44am

Ditto to what Steve says. They need 21 days for Fannie/Freddie, and 7 days for everyone else. I too got a contract last week on Friday on a Chase Short Sale and was unable to keep it from going to the Courthouse steps this morning. You have to hang up and call back if the person you're speaking with can't/won't help. Sometimes it works, sometimes it doesn't.

Permalink Reply by Benjamin Campos on December 7, 2010 at 8:53am

I dont know what happen guys but I guess my persistence paid off .. I was calling and calling being transferred over and over pleading my case. Finally spoke to somebody who knew what was going on and told me that the foreclosure sale date was postponed for review of the file. It sounded to good to be true so I called the attorney's office but first I had send them an authorization before they can talk to me. Yes, they confirmed that the sale date was postponed to 1/4/2011 .. Lucky me but most of all I'm happy for my clients for now .. Thank you guys for your responses ..