Great News fo Utah Homeowners! Recontrust is no longer the trustee for Bank of America's Foreclosures

That is the best news I have heard in a while besides that Bank of America is starting to hire and train HAFA certified negotiators so they can handle HAFA short sales in-house.

Back to Recontrust...this is great news particularly for those homeowners with Fannie Mae loans because they use to postpone auction time after time instead of putting the sale date on hold. You see, in the state of Utah banks can postpone an unlimited number of times BUT only 45 days out from the original sale date. After postponing for 45 days form the original sale date, then if the banks wants to continue the short sale bank can wither1) put the sale on hold for an undetermined period or 2)cancel the sale. Fannie Mae, at least in Utah, had this restriction where they wouldn't allow postponements more then 2 times. So the second postponement with be putting the sale date on hold allowing realtors and homeowners enough time to complete a short sale!

Is the FNME 2 postponement rule the same in your state? 

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Ok - call me confused but Recontrust is owned by Bank of America ....

Right, but they are no longer the foreclosing attorney for BAC in Utah. They still may act as the trustee in other states.



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