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Owner called regarding a short sale. House is about to go to Auction.

Posted by Charisse Dancy on July 17, 2011 at 12:54pm in Short Sale Discussions

Owner would like to do a short sale. Is there anyway to stop an auction from happening? Owner had been going through loan modification and was just turned down. Owner did not know that house had gone through foreclosure and is about to go to auction. Property is located in Covington, GA. Please advise.

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Replies

  • Christina Conrad July 19, 2011 at 5:57am
    Make sure you have the sellers call in an opt out of the loan modification or that will hold up the process of your short sale...they have to cancel the loan mod or the ss won't even be considered....
  • Charisse Dancy July 18, 2011 at 6:15am
    I called the attorney, apparently it hadn't gone into foreclosure as stated in tax records, but due to foreclose on 8/2/2011.  Also the lender is Specialized Loan Servicing, a lender who buys bad loans from GMAC. No the seller couldn't do a cash settlement at this time.
  • Kimberley Kelly July 18, 2011 at 1:56am
    Good advice as usual..still going to be tough, but I've found with Collection Agencies that they are usually ready to negotiate a cash settlement pretty quickly.  Can your Seller do that?  In CA, the agency will pursue them after the Sale as is personal loan, so always best to pay them off and make it go away..
  • Maribella Hernandez July 17, 2011 at 3:35pm
    You welcome and best of luck

    Charisse Dancy said:
    Sounds like a plan to me.  Thank you so much.

    Maribella Hernandez said:

    plenty of time, treat the collectionn co like the bank, get your SS pack ready,and submit to them, list the home and price it slightly below last home that sold to get traffic through. Hope to get offer in a couple days.You really can get this done. If I was you I would still call GMAC to make sure they sold the loan and that the collecton co is not just servcing the loan. Much easier to work directly with the bank but such call with client there or three way so they can give you info on the spot. 

  • Charisse Dancy July 17, 2011 at 3:32pm
    Sounds like a plan to me.  Thank you so much.

    Maribella Hernandez said:

    plenty of time, treat the collectionn co like the bank, get your SS pack ready,and submit to them, list the home and price it slightly below last home that sold to get traffic through. Hope to get offer in a couple days.You really can get this done. If I was you I would still call GMAC to make sure they sold the loan and that the collecton co is not just servcing the loan. Much easier to work directly with the bank but such call with client there or three way so they can give you info on the spot. 

  • Maribella Hernandez July 17, 2011 at 3:29pm

    plenty of time, treat the collectionn co like the bank, get your SS pack ready,and submit to them, list the home and price it slightly below last home that sold to get traffic through. Hope to get offer in a couple days.You really can get this done. If I was you I would still call GMAC to make sure they sold the loan and that the collecton co is not just servcing the loan. Much easier to work directly with the bank but such call with client there or three way so they can give you info on the spot. 

  • Charisse Dancy July 17, 2011 at 3:14pm

    The auction is 8/2/2011. GMAC sold it to Specialized Loan Servicing. Sound to me like a collection agency. Only one loan.



    Maribella Hernandez said:

    How many days until the sale? Time is of the essence, most banks  require a t leasrt 7 days. What bank and if there is 1 or two loans. You could fax your short sale package in and work hard to get a offer on the home quickly. Without an offer the house will go to sale. hope this helps. If you have connectiions with anyone at the bank now would be a good time to ask for help
  • Maribella Hernandez July 17, 2011 at 2:56pm
    How many days until the sale? Time is of the essence, most banks  require a t leasrt 7 days. What bank and if there is 1 or two loans. You could fax your short sale package in and work hard to get a offer on the home quickly. Without an offer the house will go to sale. hope this helps. If you have connectiions with anyone at the bank now would be a good time to ask for help
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