Help!

A client of mine wants to do a short sale but they have a foreclosure date of Dec 4th...is there a way to stop the foreclosure before getting a contract or is that the only way? Any help would be appreciated!

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Permalink Reply by LeeAnn Renfrow on November 7, 2012 at 4:47pm

Lender is Wells Fargo which I have heard is horrible..

Permalink Reply by Short Sale Superstars LLC on November 7, 2012 at 3:49pm

Leeann,

       Depending on a the lender there may be a program available to move forward with a short sale without an offer. Also, there are available strategies to work on having sale dates postponed without a " strong offer ". If you have any questions please feel free to reach out to me as my door is always open.

[email protected]

www.ishortsalenow.com

310-564-6389

Permalink Reply by LeeAnn Renfrow on November 7, 2012 at 4:49pm

Thanks Brett, I have an idea...I will give you a call tomorrow if that's OK!

Permalink Reply by Short Sale Superstars LLC on November 7, 2012 at 4:54pm

LeeAnn,

          I have some ideas too. Wells Fargo is not that bad depending on the investor. It's just important to know that Well's Fargo has a guidelines that they very rarely postpone if they do not have a short sale package in within 10 days prior to the sale date. Please feel free to reach out to me anytime. I'm always working!

Permalink Reply by LeeAnn Renfrow on November 7, 2012 at 5:36pm

 Brett, I think I am going to need a few prayers to get this one done!

Permalink Reply by Kevin - Greenville, SC on November 7, 2012 at 5:14pm

Who is the Servicer?  Have they been reviewed for HAMP? HAFA?

Permalink Reply by LeeAnn Renfrow on November 7, 2012 at 5:35pm

Kevin,

Wells Fargo is the servicer. Wells  told me BOA was the investor..does that sound right? I have spent the last 3 days just trying to get them to give me authorization! On every short sale I have listed, there has not been a foreclosure date set or not one that is so close.

Permalink Reply by Kevin - Greenville, SC on November 7, 2012 at 7:53pm

I would try the HAMP/HAFA route.

If a borrower is current or less than 60 days delinquent and would like to be considered, they
may still be eligible pending further review of their financial situation.
Loans with a scheduled foreclosure date may still be considered for HAFA depending on the
timing of the scheduled foreclosure sale.

https://www.wellsfargo.com/downloads/pdf/homeassist/hafa.pdf

Permalink Reply by Janis Schade on November 8, 2012 at 2:54am

If it takes three days to get an authorization, that may be a red flag.   As a Short Sale Advisor, you need to give them a deadline for documents.  If they miss deadline, you will be chasing their tail and yours the entire process.

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