Help Foreclosure Sale Schedule on Tuesday November 2, 2010
I need help! Took a listing about two weeks ago that's scheduled for foreclosure on November 2. Client called Suntrust and requested to have a short sale instead of foreclosure and provided all the neccessary documents. I pulled together the remaining documents and sent to the expedite fax number for set up with SunTrust. First, they questioned why my client did not file taxes for 2009, we worked past that and was told the file was sent to the team lead to request the foreclosure be postponed. I've called everyday this week only to be told that SunTrust could wait until the day of the foreclosure to stop the sale. This is not satisfactory to me or my seller, we have a buyer and they would rather short sale that have the foreclosure. I've read the post here and I emailed to John Deberry with SunTrust to advise him of the situation and what I needed for my client, I have not had a response back. I did however call SunTrust back today and was told my file has been assigned to a negotiator, Adam Beasley. Of course SunTrust is telling me that we can't escalate and the only thing to do is wait until the day of the sale to find out if the investor stops it. Please help me, any suggestions on how to get this stopped?
Thanks Short Sale Superstars!
Replies to This Discussion
-
Permalink Reply by Karyl Moore on
-
Most lenders are the same. They won't postpone the sale until 2 or 3 days prior to the date. Very stressful for all concerned.
-
-
Permalink Reply by Joseph Kuhl on
-
You might make the negotiator aware that your client may be compelled to file bankruptcy to stop the foreclosure. This would be a last ditch effort and not presented as a threat, but either a Chapter 7 or 13 will bring the foreclosure to a screeching halt. It's only temporary but will usually buy you a few month. Your client has the option to withdraw from the bankruptcy and not complete it, if the bank will then agree to a short sale. The process varies from state to state, judicial to non -judicial, but any competent bankruptcy attorney can advise you how to handle it in your state. I wouldn't advise doing it until the very last minute, but allow time for the BK to be filed in one court and presented to to the other, so you can stop the foreclosure the day before.
-
-
Permalink Reply by Ava Anderson on
-
@ Karyl, yes it is very stressful and we are basically at the 2-3 day mark, they are saying they can wait until the day of the sale.
@ Joseph, bankruptcy is a great idea, only they have already filed a chapter 13 a year ago, so that won't work for this situation. I saw a post where someone said to contact the investor (Fannie Mae) and I have done that. Any other ideas? I am willing to try just about anything. We are in a non-judicial state. -
-
Permalink Reply by Janet Nation on
-
That's a tricky one, I wouldn't have touched this knowing that an auction was only a couple of weeks away. Filing bankruptcy is one way for the seller to stop the foreclosure.
-
-
-
@Janet, had a buyer and thought I could get it all done. I still don't think it's impossible, but it seems pretty difficult with the way suntrust operates.
-
-
Permalink Reply by Keith Crawford on
-
I don't understand the disclaimer for this site. If people are asking for help and you intend to help exactly how are you supposed to help if you cannot TELL OTHERS your methods and leave contact information ?
I personally know for a fact most short sales are disasters for the people with the home. I have had success
working with these lenders administratively. I understand what makes and loan and what does not. If you
took out what you thought was a loan, and it was not then you have a claim. If you have a claim concerning the contract then you have an upper hand in negotiating what it is you wish done with the mortgage if that is the case. It's really as simple as that. Most people are brow beaten, threatened and scared to death of being thrown into the street. They do things that aren't rational. Short sales aren't rational. Most people don't understand they have remedies. I understand remedies. I understand step by step what happened with the alleged lender from the time you signed your paperwork till now when your running into difficulties. These alleged lenders don't have your note. 99% of these notes are long gone
and you'd be amazed at how they were created and more than a little upset. Reply to this writing and I'll see what I can do to help you out. -
-
-
Umm, Keith, unless I missed something - you have posted a longish rant that has little to do with Ava's question. Are you just not paying attention, or is this supposed to be some kind of poorly written ad for services you think you are offering?
-
-
-
Joseph
No not a rant, perhaps you just do not understand how to utilize administrative procedure and the federal courts to stop foreclosure. You don't have to file bankruptcy, if you do your just playing the same game.
File an original petition for fraud under 28 USC 1332. Then create an administrative remedy (you'll go to this phase in the federal court after interrogatories it's called mediation) If the bank balks at your administrative remedy your done. Have the notary certify your affidavit and then have it reviewed for correct procedure by a magistrate. The whole thing can be done in 30 days. After the threat of getting kicked to the curb has passed then go back after the lender for actual and punitive damages. Under the circumstances there is no excuse for their not answering your original request. -
-
-
Keith - you have now provided some good information that might be useful, but this is quite lawerly. I took a quick look at 28 USC 1332 - this allows petition for fraud with or without a class action, I think. In federal court. What you are saying is that if you file this this, it will stop a foreclosure in judicial and non-juidical states? As soon as it is filed, and proof of filing provided to the bank lawyers and/or state court? The petition must allege fraud, but how much detail needs to be provided initially? Just the allegation, with the rest to be developed in discovery? Will a federal court accept a pro se filing? Have you done this successfully? Would you be kind enough to elaborate, and as per this thread, would Ava's clients have enough time to do this? Would the claims of fraud have to do with the bank lawyer's actions (robo-signing,etc), or the general nature of the investor's claim ( MERS, multiple owners of the mortgage etc). I'm not a lawyer, but as an agent, have been researching this stuff for my clients, and very interested in a more detailed reply. You are right - I don't know how to "utilize administrative procedure and the federal courts to stop foreclosure", but I wouldn't mind learning. I have pending foreclosure on a listing - and I'd like to offer this to my client as an option.
-
-
-
Can I also add, who said anything about fraud in this matter, banks don't have to honor a short sale.
-
-
-
Janet - I think what Keith is talking about is starting an action claiming bank fraud, to stop the pending foreclosure. Not that the owner/client has done anything fraudulent. I would like to know if his suggestion is valid, and works. I have another short sale where the very sharp lawyer I use caught the bank lawyers in an out and out lie - courts don't like that,and they tossed the whole case. Bank may refile, but now we have lots of time for the short sale. In this case the lawyer was involved from the start, and he scrutinizes the paperwork looking for exactly what he found.
-
-
-
Okay if that works. It's at a cost not coming from the short sale proceeds. Ava's buyer only has two weeks not 30 days. Some situations are left alone, I wouldn't want that hanging over me.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons