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I thought that the extension was '"semi-automatic". In some cases, we just ran over the deadline, without a hitch.
I'll bet that the "no sale by end of PFS time" is going to be an increasing problem for HUD. I have perhaps four properties were the appraisals are just too high. And the Servicers just reject the contracts, thinking they are doing such a good job of managing!!
depends....
Duration of the Pre-Foreclosure Sale Period
Unless an extension has been approved by NSC, mortgagees have 4 months from the date of the mortgagor’s approval to participate
in the PFS Program. Mortgagees have a
pre-approved extension of 2 additional months to complete the PFS if one of the
following exists:
· The mortgagee is in the Tier 1 category under the Department’s Tier Ranking System (TRS); or
· There is a signed Contract of Sale, but
settlement has not occurred by the end of the fourth month following the date
of the mortgagor’s approval to participate in the PFS Program.
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