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Permalink Reply by Clea Annecchiarico on October 25, 2013 at 5:39am

Rob, thank you for your thoughtful reply.  

Unfortunately, I have never run into someone doing a short sale that can afford to redeem a property after foreclosure so we haven't really dealt with this option but thank you for bringing it up because it may be an option for someone at some point and we should not forget about it.  A restraining order seems more promising in general even if, as you mentioned, not in this case if it's just to give us time to do a short sale.  Do you know if the lender be restrained from negotiating a short sale as well during the duration of the restraining order?  How long do TROs last and what justification is acceptable for a TRO?  I am assuming you are not an attorney so I am simply asking for your in-the-field opinion if you care to share and thank you again for taking the time to respond to my previous message.

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Permalink Reply by Jeff Payne on October 25, 2013 at 5:42am

Ron, from an outsiders standpoint, not being privy to what goes on behind the scenes in your line of work, it appears that your position is that it is the state that dictates whether or not to stop a foreclosure and that the bank would have a difficult time doing so even if they thought it was best to do so.  Am I reading this correctly?  I can not speak for other states but can say that I work with alot of local banks and it is very easy to stop the sale up to the day of the sale if the banks want to.  

Would love your thoughts on that. Thanks

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Permalink Reply by Jeff Payne on October 25, 2013 at 9:38am

Good info Ron

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Permalink Reply by Sarah Eakes on October 25, 2013 at 12:44pm

Many counties in FL require 7 days notice for a lender to voluntarily postpone or cancel a foreclosure sale.

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Permalink Reply by Clea Annecchiarico on October 29, 2013 at 9:31am

Hi All,

I wanted to let you know that I escalated the file to HUD and they intervened in the nick of time to stop foreclosure.  No new sale date has been set.  I have always found HUD to be very helpful, unlike the other investors so thank goodness that this was an FHA loan.

As for Suntrust, they would have been happy to see this go to foreclosure just so that they wouldn't have to work on it, differently from other banks I have worked with who will cancel foreclosure even the day of foreclosure if they have a complete short sale packet.  Good to know for future reference I guess...

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