Calling all experts - trustee sale date in 2 weeks and no offer yet!
Our client has been trying loan mod with B of A but no success, B of A kept losing his documents. He finally has no choice and decided to try doing a short sale but with only 2 weeks away from trustee sale date and we just started process 2 days ago...
No offer yet and little inquiry...don't know if we will get an offer in time...so in the meantime I called the LRC to ask about HAFA and they said that the homeowner just has to provide 4 docs (tax return, pay stub, utility bill and RMA form) and upload in the Equator library and LRC will then request to postpone trustee sale date while they review the eligibility of homeowner for HAFA.
Is this true and has anyone experienced this? And with no offer, will they still postpone trustee sale date? I have been blessed to have worked in areas with multiple offers the first day any house is listed on the market...please throw in your ideas...thanks a bunch!
Replies to This Discussion
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Permalink Reply by Neil L. on
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just drop the list price to 20% below the value and you'll have a few offers that week. Send that in and postpone.
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Permalink Reply by Stephen Shafer on
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Worst case scenario file a BK togive your client more time.
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Permalink Reply by Cami Pinsak on
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My experience is different. I called the short sale department. They found out who the investor was on the loan and transferred me to a third party "REABC"( or something similar). REABC reviewed some information with me, asked the homeowner to call to authorize me and said that they would be in contact within 7-10 days.
In your instance -go for a traditional short sale as a stop gap. I would lower the price as low as you think is reasonable without being laughable. Get an offer ( or many) and send it in, hopefully stopping the foreclosure process. Even if that offer goes no where, you may be able delay the sale, find out what net they are looking for and move forward from there....If, at that point, you want to try HAFA, you have to start the process all over. -
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Permalink Reply by Bryant Tutas on
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Elaine. I too would lower the price and get an offer. I'm sure there's a price point where the property will generate interest.
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