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Carrington Mortgage - Auction Date 3/1/13

Posted by Trong Dang on January 24, 2013 at 1:28pm in Short Sale Discussions

Here is the deal:

1st Mortgage: Carrington

2nd: None

Auction Date: 3/1/13

Offers: 0

Carrington has stated that they will not do postponements, and they need at minimum 30 days to process a short sale. That only gives me a few more days to get an offer on the property and hope that it closes on time.

I am really hoping I can help this client. And I was wondering if any of you have had any different experiences with Carrington Mortgage possibly doing an extension or postponement.

Thank you in advance Superstars!

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Replies

Kevin - Greenville, SC January 25, 2013 at 7:27pm

Has the Borrower been considered for HAMP/HAFA?
- Trong Dang > Kevin - Greenville, SC January 25, 2013 at 11:31pm
  
  I don't believe so, he told me he tried to do a loan mod a couple years back but he never send in all of the docs they asked.
  - Kevin - Greenville, SC > Trong Dang January 27, 2013 at 1:25pm
    
    5 Protections Against Unnecessary Foreclosure
    
    Pursuant to the servicer’s HAFA Policy, every potentially eligible borrower must be considered for
    
    HAFA before the borrower’s loan is referred to foreclosure or the servicer allows a pending
    
    foreclosure sale to be conducted. At the servicer’s discretion, the servicer may initiate
    
    foreclosure or continue with an existing foreclosure proceeding during the HAFA process, but
    
    may not complete a foreclosure sale:
    
    https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/mhahand...
Wayne Brooks January 25, 2013 at 10:11am

Qualified Written Request (QWR) It's a specific form, submitted correctly. Google.
Otherwise, get a good offer, file a motion(not you, but an attorney or the homeowners themselves)and get the court to postpone. It generally works here in S Fl.
- Trong Dang > Wayne Brooks January 25, 2013 at 2:40pm
  
  Thank you very much Brian, Wayne, Jessica and Wendy.
Wendy Rulnick January 25, 2013 at 1:23am

Trong - I got your email. If you think you can get a reasonable offer fast, go for it. They cannot answer for all their investors.
- Trong Dang > Wendy Rulnick January 25, 2013 at 5:43am
  
  Thanks Wendy, have you been successful in the past with them given this same situation and timeframe?
  - Wendy Rulnick > Trong Dang January 25, 2013 at 5:49am
    
    Trong - I have not had that exact situation.It's a personal business decision to go forward :)
Jessica Griffith January 24, 2013 at 1:39pm

If it is the first request to postpone they should grant it. Is buyer willing to use their financing? If so maybe my Carrington contact can help you?
- Trong Dang > Jessica Griffith January 24, 2013 at 7:54pm
  
  Jessica, I will keep that in mind. Thank you for the option.
  
  As for the transation, they did flat out said that they will not postpone an Auction Date, that you will need cash offer in order to close in time. I have had experienced this personally with Ocwen, therefore, given the situation now, would it be even feasible to help this client with a Short Sale? I actually had another owner called me today with a Sale Date of 03/08 and I am to meet with them tomorrow to list the house, I am just trying to see if it is worth my efforts since the people I talked to at Carrington does not seem to budget with the "absolutely no postponement" statement.