Jim Bowser
  • MICHIGAN
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Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer

Started this discussion. Last reply by Jim Bowser Nov 29. 6 Replies

Submitted all Short Sale docs 5 days before scheduled foreclosure sale.  Shellpoint said too close to sale date to postpone sale.  Sale held and no one bid on the property.  Shellpoint said since…Continue

 

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Jim Bowser replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"Thanks for the great information!"
Nov 29
Brett Goldsmith replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"If the sale date isn't postponed and if no third party wins the auction the property reverts to the foreclosing mortgage lender thus becoming a REO aka bank-owned home."
Nov 29
Jim Bowser replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"Thank you again for your reply!   Is that also where no sale occurs at the auction as no one bids on the property?"
Nov 29
Brett Goldsmith replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"I've never seen a short sale allowed on a home that was already foreclosed on by a senior mortgage. Redemption periods are so borrowers have an opportunity to reclaim the property."
Nov 29
Jim Bowser replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"Thank you Brett for the response! Would they be more likely to entertain a short sale if the mortgage was government insured?   Do you know any way to get the bank to consider a short sale?  I was advised by someone who said they did…"
Nov 29
Brett Goldsmith replied to Jim Bowser's discussion Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer
"If it's a REO and they won't entertain a short sale during the redemption period you'll likely need to wait until it's listed as a REO to try to purchase it. This is common. Hard to purchase a single bank owned asset from large…"
Nov 28
Jim Bowser posted a discussion

Shellpoint Servicing refusing Short Sale during redemption period after Foreclosure sale held w/o buyer

Submitted all Short Sale docs 5 days before scheduled foreclosure sale.  Shellpoint said too close to sale date to postpone sale.  Sale held and no one bid on the property.  Shellpoint said since sale was held, it is now REO property and there is no short sale allowed.  They tossed my submitted documents.  They said I now must contact local REO realtor to offer on property when 6 month redemption period expires.  Property in Michigan.  Getting shuttled from one Loss Mitigation rep to another -…See More
Nov 28
Jim Bowser is now a member of Short Sale Superstars
Nov 27

Profile Information

First Name
Jim
Last Name
Bowser
Are you a...
Investor
State
MICHIGAN
City
Chesterfield
My Profile
I invest in real estate and have started using short sales to acquire property.

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