Below is copied/pasted note from negotiator. We received an approval letter today, for closing Monday, August 5th. We asked for an extension and got the following response. Does anyone know if this is a valid statement, and any ideas where I'd find it in writing?
An approval letter for 8/31 is not an option as the foreclosure date is scheduled for 8/22. In Florida, you must close the short sale 20 days prior to the scheduled foreclosure date.
At this time, in order for me to request a foreclosure postponement, I will need a significant proof of escrow deposit to submit to the bank for review with the foreclosure postponement request.
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Ellen,
Its hard to always give a definitive answer, but it sounds like something that the negotiator might be discussing that they are not specialized in. It is also possible that what is being communicated is coming from either a superior of the negotiator or the investor themselves that wants the short sales closed prior to the upcoming foreclosure sale date. On the other hand, the negotiator clearly states that they can request a postponement of the foreclosure sale, but they simply need proof that the transaction is making its way to the closing table. As long as you are on top of the closing and communicating with the bank I believe you should be good to go. My word of advice is to clear up what exactly is needed by the negotiator and even speak to their manager if needed. After you get them what they need make sure they request a postponement of the foreclosure sale date as it approaches (it might be too early to request a postponement). Also a good recommendation is to dig a little deeper on why the negotiator might be telling you that you need to close prior to the next sale date. In some instances, as the markets recuperate short sale lenders are becoming less forgiving with postponements. There are also some other factors and items to look into, but I do not want to be anymore long winded then I already have. Send me a message if you have any questions. I hope this helps!
310-564-6389
Brett@ishortsalenow.com
www.ishortsalenow.com
Servicelink/Indymac did postpone courthouse date and grant extension today :)
awesome! keep us updated.
No problems in Bay County Florida. We got an approval on the week of the sale and closed it the day before the sale was scheduled
Thanks Jeff, Not sure where they get this stuff.
The defendant can go to court an attempt to get an extension, with the approval letter and any other relevant data. Judges seem to understand the right hand/left foot problem with the banks, and generally cooperative with proactive defendants.
Ellen, tell us which county the property is in. Others here will probably, have better, specific knowledge.
Thanks Wayne, The property is in Duval County. After much research, I cant find anything to substantiate the negotiators comments.