A client of mine wants to do a short sale but they have a foreclosure date of Dec 4th...is there a way to stop the foreclosure before getting a contract or is that the only way? Any help would be appreciated!
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Who is the Servicer? Have they been reviewed for HAMP? HAFA?
Kevin,
Wells Fargo is the servicer. Wells told me BOA was the investor..does that sound right? I have spent the last 3 days just trying to get them to give me authorization! On every short sale I have listed, there has not been a foreclosure date set or not one that is so close.
If it takes three days to get an authorization, that may be a red flag. As a Short Sale Advisor, you need to give them a deadline for documents. If they miss deadline, you will be chasing their tail and yours the entire process.
I would try the HAMP/HAFA route.
If a borrower is current or less than 60 days delinquent and would like to be considered, they
may still be eligible pending further review of their financial situation.
Loans with a scheduled foreclosure date may still be considered for HAFA depending on the
timing of the scheduled foreclosure sale.
https://www.wellsfargo.com/downloads/pdf/homeassist/hafa.pdf
Leeann,
Depending on a the lender there may be a program available to move forward with a short sale without an offer. Also, there are available strategies to work on having sale dates postponed without a " strong offer ". If you have any questions please feel free to reach out to me as my door is always open.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
Thanks Brett, I have an idea...I will give you a call tomorrow if that's OK!
LeeAnn,
I have some ideas too. Wells Fargo is not that bad depending on the investor. It's just important to know that Well's Fargo has a guidelines that they very rarely postpone if they do not have a short sale package in within 10 days prior to the sale date. Please feel free to reach out to me anytime. I'm always working!
Brett, I think I am going to need a few prayers to get this one done!