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Can I proceed with a client's short sale once they have just had a judicial foreclosure notice recorded?

Posted by Rene Gillette on August 16, 2013 at 6:03am in Short Sale Discussions

I just got referred to a client and when I pulled the prelim it showed WF has just recorded a civil foreclosure a week earlier. They still want to move forward with the short sale. My understanding is that they will have to be served the paperwork and then go to court. If they fail then the lender can proceed without any objection. I'm wondering can we still move forward with the short sale and be successful. This will be my first go with a judicial foreclosure. Is this correct?

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Tags: fargo, foreclosure, judicial, oregon, sale, short, wells
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Replies

  • Reuben Dunn September 11, 2013 at 9:53am
    If there is a short sale date set, then postponements generally are not granted until the mortgage investor approves the offer, papers are signed, etc.

    Given that the short sale process will take from 60-90 days to complete, it will be a bit of a horse race.
  • Wayne Brooks August 16, 2013 at 12:29pm
    In what state? Almost all of our short sales are in foreclosure, judicial-Florida.
    • Rene Gillette > Wayne Brooks August 16, 2013 at 12:59pm

      Oregon... We just switched from a non-judicial state to judicial.

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