Replies to This Discussion

Permalink Reply by Eric M. Boyd on July 27, 2010 at 2:39am

Jimmy,

I've never heard of that, but I'm not necessarily up-to-speed on that rules. I would suggest, however, that you get a hold of the attorney handling that case and send them your fully executed purchase and sale agreement and letter of authorization, along with a request to stop the sale. I've learned the hard way that you can't rely on the negotiator/mtg co to handle that part. The attorneys will work on their own timeline once they get a file, and if they don't get any word from the mortgage company, it may just go on through with the rest of them.

Permalink Reply by Alan Remigio on July 27, 2010 at 3:51am

That's a good one, Jimmy. I am not an attorney, but, if I am not mistaken, almost all states have laws allowing for the seller to remove the property from sheriff's sale up to the day of the sale( most common instrument for removal...BK). Non-judicial states have different procedures. Procedures like the situation you have must be legislated in and not arbitrarily placed for convenience without the due process procedure.
Wells has also used the, "Fannie has a new rule that won't allow a cancellation of a sheriff's sale 15 days prior to sale. Look familiar? My staff has seen others like "the Investor, FHA,"etc. You get the pic. While following the other suggestions posted, I suggest you ask, via email what rule you are referring to as you do not see this rule in your guidelines (or in your case, the state foreclosure procedures). Share with them that you will call their legal department for verification, but am asking that an exception be made for this file. Be non-adversarial. They'll save face and you have a sale. As usual, more to it, including escalation. Good luck!

Permalink Reply by Bryant Tutas on July 27, 2010 at 5:34am

Jimmy. That is not true. I have stopped foreclosures the day before. WF is making this up.

Permalink Reply by Pam Jank on August 3, 2010 at 11:09am

I'm in Coeur d'Alene, ID. I've been able to get them "suspended/postponed" within hours of foreclosure sale. As long as they have the entire package, nothing missing, I don't have a problem. Just had WAMU/CHASE suspended/postponed at 4:50 PM. It was going to Sale at 10:00 AM the next day. I did have to get passed up to the Lender's Attorney to get it.