Replies to This Discussion

Permalink Reply by Amy Martin on July 16, 2010 at 7:48am

Input your info to Equator then call to request postponement of sale. Make sure your file is complete with the bonafide offer and all. Dont stop until you get it postpones. Make sure you have the Trustee info and call them as well.

Permalink Reply by Valorie Stover Quality Realtor on July 16, 2010 at 8:48am

You have to call in to request it be postponed while you do the short sale. They wouldn't stop or postpone it till within 3 days of the sale date. They will take the request to stop and then you have to call back 2 or 3 days later and ask what the new date is.
I just did this and they postponed it 4 times. Good luck!

Permalink Reply by Jerry A. Ringo on July 16, 2010 at 5:14pm

You'll need an active Short Sale and an offer to apply for a postponement of Foreclosure (FCL). If no negotiator is assigned, you can request it five days prior to the FCL. If the FCL Tech is MHA Review, the request will automatically be generated. Some investors will decline to postpone if the Short Sale wasn't initiated more than 21 days before the sale date.

Permalink Reply by joe beauchamp on July 17, 2010 at 8:03am

Be aware, different BofA reps think totally opposite things about sheriff sales - and their respective supervisors will back them. Yes, they can stop a sheriff sale the day of the sale.
The rule is 5 days ahead (or less) if you do not have a negotiator, 2 days (or less) if you have one. Some reps believe it is the opposite - you need to call BEFORE 2 days if you have a negotiator and BEFORE 5 days if you don't - make any sense? Not at all, but BofA has a lot of insane rules - it is the BofA Equator game.

I tell the rep, I also tell him to put it in the notes. He is supposed to email whoever, ask that he did it (just to be sure).
Once in equator and you have a negotiator (fairly fast since anyone who can punch "burger" or "shake" buttons is now a BofA equator negotiator), email him requesting the postponement. If you get no response, later email him, manager, team lead. Do NOT think that anyone at BofA will be responsible. Houses get lost thinking that.

You must also verify with the attorney's office the day of the sale that it has been postponed - also generally good to verify it with the sheriff. The attorney generally will NOT pull it just because BofA orders it. Take down names. Do not be surprised if it just doesn't get done. As I said, do not trust anyone at BofA to be responsible - once that house is gone, it is very highly unlikely that you can get them to undo it. They may talk about it, but ultimately, sorry, it's gone. And don't think the investor will help. They are wrapped around BofA's finger - what BofA wants, they get - and where is that donut I was looking for.

So, be vigilant. You need to be.

Also, as a part excuse for BofA destroying a super deal for them last friday, one negotiator told me that Fannie Mae, in the last month or two, is cracking down on postponements. Only allowing 1 now. It is so ludicrous that it could be true - blow away an excellent deal where the buyer needs a full 30 days to get an FHA loan - to just give the house back to BofA and pay them for the next year to 2 years while borrower rights go away, etc. And then sell it for 1/2 of what they would have gotten, if it hasn't burned down by then. Brilliant move. I could almost believe that the investor did this, but BofA gains so much and the investor could have done the sale any time in the last year but chose the very month that BofA could not shake a determined buyer - coincidence....yeah...

Permalink Reply by Jerry A. Ringo on July 17, 2010 at 12:28pm

joe beauchamp said:

....Once in equator and you have a negotiator... email him requesting the postponement. If you get no response, later email him, manager, team lead....

The preferred (most effective and verifiable) method of communication is to use the messaging system within Equator. Protocol is that if you do not get a reply from the Negotiator within two business days, cc to the Team Lead. If the FCL (ForCLosure) is within 48 hours, then contact the Team Lead and Manager.

Permalink Reply by max e dumont on July 18, 2010 at 2:33am

MY METHOD FOR STOPPING A FORECLOSURE IS TO START BANKRUPTCY PROCEEDING. BY JUST SIGNING UP FOR BANKRUPTCY YOU CAN STOP A SALE FOR AS LITTLE AS 6 MONTHS TO 1YR. ONCE YOU FILE, YOU HAVE 7 DAYS TO COMPLETE THE PAPERWORK. DO NOT COMPLETE THE PAPERWORK. BY NOT COMPLETING THE PAPERWORK THE BANKRUPTCY FILING IS STOPPED.

MANY WILL DISAGREE WITH MY METHOD....BUT IT WORKS

Permalink Reply by Jerry A. Ringo on July 18, 2010 at 3:12am

This approach might send the loan servicing from normal into a litgation status. If this happens, when you call the Short Sale Customer Center for a status update or whatever they will tell you they can't service the loan because the loan has been flagged for litigation. It then becomes a legal speaks with legal transaction, and if your buyer isn't patient beyond belief, they might well walk. If that happens, the flag remains. Good luck!
max e dumont said:

MY METHOD FOR STOPPING A FORECLOSURE IS TO START BANKRUPTCY PROCEEDING. BY JUST SIGNING UP FOR BANKRUPTCY YOU CAN STOP A SALE FOR AS LITTLE AS 6 MONTHS TO 1YR. ONCE YOU FILE, YOU HAVE 7 DAYS TO COMPLETE THE PAPERWORK. DO NOT COMPLETE THE PAPERWORK. BY NOT COMPLETING THE PAPERWORK THE BANKRUPTCY FILING IS STOPPED.

MANY WILL DISAGREE WITH MY METHOD....BUT IT WORKS

Permalink Reply by joe beauchamp on July 19, 2010 at 7:46pm

Yeah, I'll keep that in mind - the next time I go through 2 weeks of NO response and escalating to including all the vp's listed, etc by the 4th day (1 per day). But, it sounds good...

I expected "normal" escalation and "normal" management. I occasionally see a team lead or manager respond, no one else. Closing officers seem to be more responsive and the negotiator is all over the map in responsiveness. But, when they don't respond, usually you can enjoy the frustration that I do - a simple question and days later still no answer from the entire bunch of them associated with your file. The simpler the question the more it boggles my mind that a supervisor or someone just doesn't respond with the answer.
But, what you say does work some of the time.

Jerry A. Ringo said:

joe beauchamp said:

....Once in equator and you have a negotiator... email him requesting the postponement. If you get no response, later email him, manager, team lead....

The preferred (most effective and verifiable) method of communication is to use the messaging system within Equator. Protocol is that if you do not get a reply from the Negotiator within two business days, cc to the Team Lead. If the FCL (ForCLosure) is within 48 hours, then contact the Team Lead and Manager.