In the middle of a short sale and the lender takes property to trustee sale. What to do? I called Hud to ask if the lender could by pass the short sale while reviewing offers Hud said no they can't. I was told the lender had to entertain the offer until it either expired or the buyer walked but that was not the case. I need to know if anyone has experienced this and what to do.
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Just to let you know, HUD made Loan Care resend the trustee sale and go back to the short sale. HUD guidelines state that when working a short sale the lender must work it until either the offer expires or the buyers walk away. I was told by HUD that the lender has to resend the trustee sale at their own cost plus they will get a fine. I guess lenders can't do whatever they want. They are bound by due diligence and working in a timely manner when it comes to short sales. Thanks for you support.