After being denied by Aurora because the realtor was a family member and was representing both the buyer and the seller, we were told new realtors had to represent each party, so we got new realtors and resubmitted. They had the file for about 2 weeks and every time I called, they said things looked good and that it was with an underwriter. 

 

As of yesterday, I check the status online and it says we have been denied and a letter sent out. I called and was told that it's due to a "non-arms length transaction" because the realtor is a family member. The thing is, the realtor is NOT a family member. No one in the transaction is related or even knew each other prior to the short sale transaction. 

 

The foreclosure date is on 12/20. The customer service rep said he put a work order for the file to be re-reviewed (since he looked at the faxes sent and saw the two new realtors listed on the contracts).

What I'm afraid of is that it won't be looked at in time to postpone the foreclosure. Can anything be done here?

 

And if the underwriter had the file, they didn't see that we resubmitted with new realtors? Why would they deny it again? This has been such a frustrating process.

Views: 132

Replies to This Discussion

Update:

 

Through this morning, I have been calling back to check on the status and have just been told here is no new update and to check back later.

 

Then finally earlier today I talked to someone who actually seemed competent and wanted to help. Was on the phone for about 30 minutes with him while he himself looked at all the paperwork. Apparently they mixed up the two sales contracts (the first, which had the family member realtor and the second, which had new realtors) so the second time around, they were really just reviewing the first contract again which is why they denied it...again.

 

He got a hold of a supervisor who is emailing the underwriter directly to reopen the file and re-review it. The foreclosure date is on Monday but he felt there should be enough time to at least postpone it so they can fully review the file.

Also found out today that US Bank is the investor. Can I contact them directly an plea for a foreclosure postponement so there is time to accurately review the file?

Update:

 

Aurora has reassigned the file to an underwriter so it's being reviewed again however the underwriter has not requested a foreclosure postponement yet. The customer service rep I spoke with was sort of confused as to why as she said normally a postponement is requested 3-5 business days prior to the foreclosure date and today is 3 days to the date. She did say that is has been placed on hold and postponed 4 separate times now...could there be a limit on the number of postponements they do?

 

She did also said that if it comed within 24 hours of the foreclosure time then I could call back in and a customer service rep could get a supervisor on the floor to request the postponement themselves without going through the underwriter. Sure is cutting close though.

Apparently the information that a supervisor could postpone the foreclosure was BS as they are saying they can't. All they keep saying is to call back but what does that do?? Absolutely nothing. I can accept if they deny the short sale request but I'm thinking they haven't even looked at it and it's going to go to foreclosure without ever being reviewed.

Update:

 

Finally some good news. After making an additional calls to Aurora this morning, I was finally able to get a supervisor to email the underwriter (while on the phone with him). Not even an hour later, when I called back, I was told that a request had been put in with the foreclosure trustee to postpone the short sale. I followed that up with a call to the trustee who confirmed that the foreclosure postponement request had been received and that it would be postponed 60 days. Called Aurora back again to confirm on their end and they say "There is currently no foreclosure date.". The trustee shows a date of  mid February. Great news and hopefully it gets done this time and we can finally move on and not have a foreclosure on our record.

 

One "funny" thing...the letter that the short sale was denied arrived in the mail today. The letter was dated Dec 10th and the letter just came today so if it wasn't for phone calls to them everyday, we would of found out about the denial 1 day before the foreclosure auction.

Hi Val B!

Sounds like quiet an adventure!

 

Who exactly are you?

 

If you do not represent the buyer or seller - what is your part in this process?

 

 

I'm a family member of the seller. The seller doesn't speak english 100% so I've been helping them through the process as much as I can.

Malcolm McLean said:

Hi Val B!

Sounds like quiet an adventure!

 

Who exactly are you?

 

If you do not represent the buyer or seller - what is your part in this process?

 

 

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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