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Cenlar FC when Short sale was approved

Posted by David on November 21, 2013 at 1:50am in Short Sale Discussions

Hello:

 

I realize that Cenlar has issues, but I was just notified that while my Short sale with Cenlar was approved, they continued with the foreclosure and my house was auctioned off Monday.

 

Stupid question, but what are my options now, other than drinking??

 

File Ch 13 for automatic stay, during bid upset period to try to get ss done??

Call state attorneys office??

Sue them (even though they are federally backed bank)??

 

Any advice is greatly appreciated.

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Replies

  • Wayne Brooks November 21, 2013 at 4:38am
    As a short sale agent, we constantly keep one eye on the foreclosure proceedings. Auction dates are public information, and advertised well in advance. It should have been no surprise, to any of you. You, or your attorney, would certainly have been notified, assuming they had your correct address. Whoever was negotiating your short sale should have been aware of it, and asking for postponement.
    • David > Wayne Brooks November 21, 2013 at 4:44am

      Sorry, I wasn't clear. We knew the fc date was monday, but a few days before (late last week) we received approval of the SS from the bank and the bank said they are working on getting the auction pushed back to be able to close the SS, just in case they needed a few extra days to finallize all of the paperwork, but they fc instead.

      This is why I'm pissed..

      • Wayne Brooks > David November 21, 2013 at 5:27am
        Well, normally it takes 7-20 days to close after approval, so we try to get to court and get the sale date extended, as we never count on the banks getting the sale date postponed. I'm sorry this didn't work out, not that that helps you any. If a BK filing buys you time there, talk to an attorney, who is recommended by a short sale RE agent, ASAP.
  • Wayne Brooks November 21, 2013 at 4:15am
    The last two are useless, as the bank did nothing illegal. Unfortunately, a short sale approval does not stop the foreclosure sale, that has to be dealt with separately. Many approval letters actually tell you this, and that the approval expires either on the date indicated, or an auction sale date, whichever occurs first. Talk to a local RE attorney, as state foreclosure laws vary (ie. there is no upset period in Fl).
    • David > Wayne Brooks November 21, 2013 at 4:19am

      Freddie Mac said that they were informed that the SS was approved and if we called them before the SS was foreclosed on, they would have stepped in. How in the world would we know that it would be fc on. Cenlar has a history of fc on ss as they make more money on fc than ss.

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