I need help for a strategy to get another extension by tomorrow

After a whole year we finally got approval and they gave us 4 days to close escrow. We got them to extend the sale date 1 month and a new letter with 19 days to close escrow. The approval letter expires tomorrow. The buyer's lender (also BofA) MIGHT have loan docs ready tomorrow, but might not. They have had trouble getting the condo complex project approved. The closer has already said NO to an extension when I asked a few days ago. Some Superstars have said to get escrow to call when we have docs BUT what if we don't get docs until the last minute or even later? What happens if the letter just expires--should I keep trying to get an extension and keep owkring on the short sale until the actual sale date (Dec. 2)? Should I tell the closer today about our troubles? Should I start escalating now without docs in escrow? The buyer's lender says he only needs about 4 days extra so technically we could close the day before the sale date. FYI--it's a Fannie Mae loan and the BPO is good until 12/9.

 

I need help ASAP!

Views: 338

Replies to This Discussion

Permalink Reply by Shari P on November 18, 2010 at 12:23pm
Within an hour of uploading the new HUD, the closer called me and said "her hands are tied" with extending, that it will be up to Fannie Mae to give extra days and she said we will have to eat the difference between the approved net and the new net, which is fine. Although she said we should be o.k. if the buyer signs loan docs tomorrow, so now it's up to the buyer's BofA guy. She formally requested a few extra days but she said that was the best she could do.
Permalink Reply by joe beauchamp on November 19, 2010 at 12:43pm
The closer speaks like there is no MI. The MI can be helpful.

If you have not had any postponements on this property, I am very sure that it is totally up to BOA if they postpone. FNMA says so and BOA will say it is a guideline when they don't postpone - BOA won't say that FNMA told them directly to NOT postpone.

If this is beyond the 1st postponement, then, yes, FNMA has the say. I suspect that BOA can beg to postpone, but they aren't interested in that. BOA people want bad loans closed and out as soon as possible - that is what FNMA tells them.

A different tact - get the seller, probably with an atty, in front of a judge with your approval and contracts and all and ask for a postponement. Judges will, indeed, do that. You probably want them to see that you are all set and just need the extra time and, in fact, will be saving the investor money even against the investor's will.

Finally, as bizarre as this sounds, I got this from an MI. You can continue the short sale during the redemption period! So, if your county/state has a decent one, you can essentially ignore the sheriff sale and keep going. I would certainly tell the closer that it is your plan. I'm sure that the closer will never have heard of such a thing, so you want to get BOA educated in it. [I assume that the matter of an approval is at issue - if that has expired, I suspect this is a useless ploy, so you might want to ask the closer to humor you and give you an approval to when you need to close even though it is beyond the sheriff sale date - maybe explain that you want to be ready if you just happen to be able to postpone somehow... Then you can tell the closer about your plan.] You might want to get a {real estate - really competent} lawyer to weigh in on it, too.
Permalink Reply by Shari P on November 19, 2010 at 1:00pm
Joe,
We do non-judicial foreclosures here in CA so there's no judge involved. Also, no redemption period here.

We had the sale date postponed once. We don't need the sale date changed; we just the time to close escrow extended a few days.

The closer says Fannie Mae has to give approval to give us 5 extra days.
Permalink Reply by joe beauchamp on November 22, 2010 at 7:42am
Wow, that's good news - and at the same time, you show me that FNMA can actually do something besides see how fast they can get you off of their phone... Not enough to get me, yet, to respect their usual lack of concern or interest, but gives me hope that someone at FNMA cares - between donut breaks.. ;-)

Shari Posey said:
Joe,
We do non-judicial foreclosures here in CA so there's no judge involved. Also, no redemption period here.

We had the sale date postponed once. We don't need the sale date changed; we just the time to close escrow extended a few days.

The closer says Fannie Mae has to give approval to give us 5 extra days.
Permalink Reply by Shari P on November 22, 2010 at 7:56am
Well, I haven't gotten good news, or any news yet so don't change your opinion of FNMA quite yet.
Permalink Reply by joe beauchamp on November 22, 2010 at 8:06am
Didn't you get an extra 5 days? I couldn't even get the bozo's to pass on that they were trying to REO a house that they didn't own! I'd say you got a ton more than I did.. ;-)

Shari Posey said:
Well, I haven't gotten good news, or any news yet so don't change your opinion of FNMA quite yet.
Permalink Reply by Shari P on November 22, 2010 at 8:22am
No, I haven't gotten word on the 5 extra days yet but we are moving ahead just in case we get them.

joe beauchamp said:
Didn't you get an extra 5 days? I couldn't even get the bozo's to pass on that they were trying to REO a house that they didn't own! I'd say you got a ton more than I did.. ;-)

Shari Posey said:
Well, I haven't gotten good news, or any news yet so don't change your opinion of FNMA quite yet.
Permalink Reply by Shari P on November 22, 2010 at 1:59pm
Yea! I got a 5 day extension to 11/29 but I don't think they will extend more beyond that since the sale date is 12/2. Hopefully the buyer's lender can pull this together by then.
Permalink Reply by Shari P on November 28, 2010 at 6:30pm
You won't believe this! Well, maybe you will...our 5 day extension came and went and this loan IS STILL IN UNDERWRITING with BofA for the buyer's loan!!! It's been in underwriting for 30 days!! Now I have to ask for more time so it can get through the quagmire at BofA. Realistically I can't see this closing before the 12/2 sale date, which they have assured me they will not postpone. I'm nearly at my wits end but my last ditch effort is going to be with Barbara Desoer, the CEO, tomorrow.
Permalink Reply by Daryl Jones on November 30, 2010 at 10:53am
It's important to get a lawyer to get around the legal roadblocks that the lenders try to hit you with!!
Permalink Reply by Shari P on November 30, 2010 at 10:56am
Specifically, what could an attorney do to stop the sale and help the short sale go through? File a lawsuit? On what grounds? I hired an attorney but only in regard to reviewing the approval letter.
Permalink Reply by Daryl Jones on December 1, 2010 at 6:06am
A lawyer can submit an injunction and stop the sale. In my opinion, not just because I am a lawyer, you should have a lawyer put the injunction together and then keep them on retainer for a month until the short sale is complete. You will spend more money trying to get a lawyer to help you at each new turn, then having one handle the entire case. I hope this is helpful.

If you need a lawyer please give me a call 305 969 3602. Speak with Holly and you can be then transferred to either Cathy or Angela. They are great.

Shari Posey said:
Specifically, what could an attorney do to stop the sale and help the short sale go through? File a lawsuit? On what grounds? I hired an attorney but only in regard to reviewing the approval letter.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************