Comment

Comment by Kathleen Jamal Nations on July 10, 2017 at 4:42am

You should also contact the foreclosure trustee (assuming u have provided them with an authorization) and determine if they have in fact received a request from the servicer to place on hold.  The foreclosure trustee/attorney cannot go to foreclosure without receiving bidding instructions from the servicing company.  Foreclosure sales are sometimes postponed in absence of bidding instructions.

Comment by Kathleen Jamal Nations on July 10, 2017 at 4:31am

Investors that own mortgage loans have provided the servicing company written servicing policies and procedures.  These procedures include if a foreclosure proceedings/sale date can be postponed, placed on hold or cancelled.  FNMA and FHLMC guidelines state "a complete package reviewed and deemed complete 37 days prior".  Typical industry standards can be up to 90 days prior to any scheduled sale date.  Investors will ofte consider a short sale offer close to a scheduled foreclosure sale date a stall tactic for more time.  

The timeline of any possible or active foreclosures is a critical piece of data to know and understand at the beginning of the listing of the property.  It is also important to identify the investor that owns the mortgage loan and any published default guidelines.

Comment by Brett Goldsmith on June 26, 2017 at 8:30am

Many times Bayview, depending on who the investor is, has a 37 day rule. I recommend speaking to floor managers and escalating to see what can be done to push to get a value ordered in hopes of showing the offer is strong enough for a postponement request.

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