Replies to This Discussion

Permalink Reply by Claudine Ellis on March 17, 2010 at 5:45am

NO. Dont not trust that. It WILL go into foreclosure. You will want to see my blog and if you do that, you WILL get answers. They only respond to letters and phone calls. I started my rampage on Friday and by Monday I got negotiated and Tuesday APPROVED. Good luck!

Permalink Reply by Steele V. Propp on March 17, 2010 at 6:58am

Difficult to say. With them so overloaded, there is the question raised if they are even aware of the NOT. Unfortunately there doesn't seem to be real good communications between the short sale department and the foreclosure people. I would be trying to find out if the seller's agent was making the foreclosure department aware that a short sale was in progress.

Permalink Reply by Claudine Ellis on March 17, 2010 at 7:28am

It doesnt matter if foreclosure dept is aware that there is a short sale in progress. It's two different departments and they dont communicate at ALL. You have to get the big dogs involved. The attorney's office said they have to go through with the foreclosure even though I have a ready, willing, able buyer and an approved BOA short sale. They said they will keep the sale date until we close. They postponed it, but they have NOT stopped the foreclosure. No matter who you speak to, until you get APPROVAL, they will continue to the foreclosure proceedings. I even got an attorney who couldnt help me. He said that once it gets to the foreclosure attorney, the bank is the only one who can stop it. Hope this helps.

Permalink Reply by Josh King on March 18, 2010 at 11:03am

Thanks guys for the respnoses. It sounds like, there is a disconnect between short sale department and forclosure dept. Even with NOT in place, the short sale department might not even get noticed.
Our Seller's agent is trying to stop NOT, but not very proactive. What is the timeframe can/need stop the NOTS ? Thanks.

Permalink Reply by Catherine Gheen on March 18, 2010 at 5:23pm

You need a proactive agent if they are lazy fire them! If you want to stop a Notice of Trustee sale give yourself plenty of time don't wait till 24 hours before. You must get written confirmation that the sale is stopped. Do some research on the Civil Codes in your state that protect borrowers and require the bank to work with you. Call the negotiator and demand to speak to B of A's legal department.

Josh King said:

Thanks guys for the respnoses. It sounds like, there is a disconnect between short sale department and forclosure dept. Even with NOT in place, the short sale department might not even get noticed.
Our Seller's agent is trying to stop NOT, but not very proactive. What is the timeframe can/need stop the NOTS ? Thanks.

Permalink Reply by Catherine Gheen on March 18, 2010 at 5:26pm

No at this point getting a NOT after the file was submitted in July means your file is in a black hole. No file is not responded to after that length of time. The file must be resubmitted and you need to get a hold of a manager. Call the trustee sale company also to try and get info but only the borrower on the loan that is in default can call regarding the property, not the buyers.

Permalink Reply by sherry on March 26, 2010 at 9:53am

Does anyone have a sample letter requesting to postpone a sale date. I have a sale date set for 5/11 and have a solid short sale offer in since October 2009. Any help would be much appreciated. This is for state of Florida

Claudine Ellis said:

NO. Dont not trust that. It WILL go into foreclosure. You will want to see my blog and if you do that, you WILL get answers. They only respond to letters and phone calls. I started my rampage on Friday and by Monday I got negotiated and Tuesday APPROVED. Good luck!

Permalink Reply by Steele V. Propp on March 26, 2010 at 11:28am

We always do a phone call (or two or three). I'm sure letters are OK but often we don't have time for them.

Permalink Reply by Josh King on March 30, 2010 at 6:14am

Thanks Guys. One more question, how many time can you postpone trustee sale and max length of each postpone ?

Permalink Reply by Steele V. Propp on March 30, 2010 at 6:58am

Typically most lenders will postpone 2-3 times (some have policies on this). Usual extension is for 30 days at a time. Sometimes a little more.

Josh King said:

Thanks Guys. One more question, how many time can you postpone trustee sale and max length of each postpone ?

Permalink Reply by Josh King on March 30, 2010 at 8:26am

Thanks Steele. So, what happen after very last postpone if short sale did't get approved ? Will it trigger "speed up" bottom at short sale department ?

Permalink Reply by Steele V. Propp on March 30, 2010 at 8:45am

If the approval is not granted the sale will proceed as scheduled. Even if the approval is granted you better make sure the foreclosure department knows what is going on. Short sale department and foreclosure department are two different groups. Have seen cases where approval was granted but foreclosure department not notified and postponement didn't take place. Sale took place and it was now too late for short sale.

Ouch, that is a mess. All players need to be informed and communicating.

Josh King said:

Thanks Steele. So, what happen after very last postpone if short sale did't get approved ? Will it trigger "speed up" bottom at short sale department ?