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.....
Replies to This Discussion
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Permalink Reply by Janine McBride on
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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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Permalink Reply by Anna Mackey SDHS on
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Amazing! Yes, PLEASE keep us updated on what happens next - and thank you in advance :-)
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been holding now for 30 minutes trying to talk to a supervisor
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Permalink Reply by Sam Purtle on
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Unbelievable! Let us know what happens.
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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.
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You have written approval. What is the date they are giving as a deadline? Are you 100% positive the sale is still scheduled. Although I have completed over 100 short sales, I appear to be the wrong person to be giving advice. Try calling the foreclosure department at 866-200-9624. Or try Natalia Guerrero 818-713-2879 (she is with the office of the CEO, Brian Moynihan) as I have seen several postings on this board that indicates Natalia can definately help you out. I have not actually called her yet. You can bet I will call her if I don't get a satifactory response from my foreclosure technician.
Happy short selling :)
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. -
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YES i HAVE WRITTEN APPROVAL AND THE DATE OF THEY WANT IT CLOSED BY IS APRIL 15, SO I ONLY NEED A 30 DAY POSTPONEMENT THANK YOU SO MUCH FOR THAT NUMBER I AM GOING TO CALL HER RIGHT NOW.
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I CALLED 6:30 THIS MORNING THE TRUSTEE DEPARTMENT AND IT IS SCHEDULED FOR TODAY AT 10 THEY HAVE NOTHING FROM ANYONE POSTPONING IT. THE NEGOTIATOR HAS COMPLETELY DROPPED THE BALL THEY SUPPOSEDLY PUT IN A REQUEST TO ESCALATE TWO DAYS AGO BUT THEY TRUSTEE DEPARTMENT SAYS THEY HAVEN'T RECEIVED ANYTHING FROM BANK OF AMERICA TO POST PONE IT. I HAVE LEFT MESSAGES FOR MY FORECLOSURE TECHNICIAN SHE HASN'T RETURNED MY CALL SO I JUST LEFT A MESSAGE FOR NATALIA THANK YOU SO MUCH FOR YOUR HELP.
Sam Purtle said:You have written approval. What is the date they are giving as a deadline? Are you 100% positive the sale is still scheduled. Although I have completed over 100 short sales, I appear to be the wrong person to be giving advice. Try calling the foreclosure department at 866-200-9624. Or try Natalia Guerrero 818-713-2879 (she is with the office of the CEO, Brian Moynihan) as I have seen several postings on this board that indicates Natalia can definately help you out. I have not actually called her yet. You can bet I will call her if I don't get a satifactory response from my foreclosure technician.
Happy short selling :)
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. -
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I have no idea if Natalia can assist. I just do not understand how they can send out an approval letter and then foreclose on the property today. This one is another for the record books. How much time do you have left before the sale?
Sam
Janine McBride said:I CALLED 6:30 THIS MORNING THE TRUSTEE DEPARTMENT AND IT IS SCHEDULED FOR TODAY AT 10 THEY HAVE NOTHING FROM ANYONE POSTPONING IT. THE NEGOTIATOR HAS COMPLETELY DROPPED THE BALL THEY SUPPOSEDLY PUT IN A REQUEST TO ESCALATE TWO DAYS AGO BUT THEY TRUSTEE DEPARTMENT SAYS THEY HAVEN'T RECEIVED ANYTHING FROM BANK OF AMERICA TO POST PONE IT. I HAVE LEFT MESSAGES FOR MY FORECLOSURE TECHNICIAN SHE HASN'T RETURNED MY CALL SO I JUST LEFT A MESSAGE FOR NATALIA THANK YOU SO MUCH FOR YOUR HELP.
Sam Purtle said:You have written approval. What is the date they are giving as a deadline? Are you 100% positive the sale is still scheduled. Although I have completed over 100 short sales, I appear to be the wrong person to be giving advice. Try calling the foreclosure department at 866-200-9624. Or try Natalia Guerrero 818-713-2879 (she is with the office of the CEO, Brian Moynihan) as I have seen several postings on this board that indicates Natalia can definately help you out. I have not actually called her yet. You can bet I will call her if I don't get a satifactory response from my foreclosure technician.
Happy short selling :)
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. -
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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. -
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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. -
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I just got off the phone with Barbara McCellan the 469-201-0656 she is the foreclosue person and she says that fannie mae is the investor and that no postponement has been approved or in her system. I don't know how that can be when i have doing all the proper channels to get this postponed and she was trying to put me back to the short sell department instead of help me finally she took my number and said she would call me back so the sell is scheduled to happen at 10 it is now 9:22 in think it is hopeless we have written short sell approval and not one will post pone the sell for me. I am so pissed off write now I feel defeated
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