Replies to This Discussion

Permalink Reply by Becky Martin on September 7, 2011 at 6:17am

Ask the lender to postpone the sale date, they can do it and usually will with an active short sale....

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Permalink Reply by Kristy Hamilton on September 7, 2011 at 6:29am

We did try that route, but the property was sold to the bank, this morning. 

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Permalink Reply by Frank on September 7, 2011 at 9:16am

Kristy,

 

We are experiencing a similar situation with Bank of America.  The investor denied a postponement of the sale date and the sale took place yesterday morning despite the fact that there is an offer on the property under review by the lender.  This would have been the first postponement of a sale date on this property.  The opening bid was to be $67,000 and our offer is for over $99,000.  A BofA rep informed me that since the property is in California and it was bought back by the bank (vs. a 3rd party) there may be a chance that we can proceed with the short sale as structured.

 

Has anyone else faced a similar situation (whether in California or not)?  Any input would be greatly appreciated.  I will be sure to share my findings as well.

 

Thanks in advance,

 

Frank Cerpa

Move Up Properties

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Permalink Reply by Kristy Hamilton on September 9, 2011 at 3:05pm

Sounds familiary to my case.  It is a Fannie Mae loan with BOA.  (No former postponements that we are aware of.)  We contacted the executive office and were told that the loan didn't meet Fannie Mae guidelines to postpone issuing the certificate of sale (foreclosure) - 10 days from foreclosure sale date.  BOA said that the date of the last payment was one of the criteria that is considered and that this loan, despite having a full short sale package, signed contract and willing participants to provide everything to complete a short sale, would not be considered for postponement of the cert. of sale.  So, my next attempt is to contact Fannie Mae, directly, to confirm this.  Can't help it. . . it is hard to admit defeat when it doesn't make sense!  BTW, we are in Florida.

 

Will keep trying and let you know!

Kristy

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Permalink Reply by Frank on September 12, 2011 at 10:11am

It seems we have the same situation playing out on both coasts.  We finally received a Short Sale Decline Letter from BofA, two days after the sale, stating the reason for the denial was due to "insufficient offer, not willing to sign a deficiency agreement, or contributing to the loss."  The property was then taken back by Fannie Mae.

The approved offer from BofA shows a closing date of 9/23/11, and some preliminary information I've gathered indicates that there may be some options available being that everything was in the final stages within the lender's timeline when the investor declined the first postponement request with no notice.

 

I'll share as I learn more information.

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