We have a foreclosure date of 2/19/13. We just discovered that the home is being service released on 2/15/13. We are TRYING to figure out who it is going to, but in the meantime, we are trying to figure out if we are wasting our time with the Equator uploads, etc. . .File is currently with Bank of America. When a file is service released which documents are required to go to the new servicer with the file? Will the service release ensure a foreclosure postponement or is it possible that the new servicer will still foreclose four days after receiving the file?
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I recently had B of A issue an approval letter for a short sale transaction at 9:00 A.M. and then terminate the approval at
1:00 P.M. the same day because the servicing was released. Contacted the County Public Trustee and the attornies managing the foreclosure file and was able to have the foreclosure sale date withdrawn. Luckily, the new servicer was a company I had dealt with many times previously and the transaction will close next week.
It seems that this happens most often with loans that were originated by Countrywide. It seems that loans that are part of the Countrywide portfolio acquired by B of A receive different treatment than all others.
Mark Sawyer
That depends on who the loan went to.
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