I just received notice that as of 1/15 BofA will no longer postpone the foreclosure process while a homeowner is working on a short sale.
This means that now, if the negotiations are not completed prior to the auction date of the property, they will sell it out from under them.
I thought that we resolved this issue with the Senate bill 306 here in ?California??
Has anyone else received this notice? Now what? Some days it feels like we are moving backward instead of forward...
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thank you Ken....I will use this.. It was a notice that I received. Thankfully I do not have any pending short sales with them right now! That is unusual in itself but I think it is because they have sold off a lot of their bad loans now..we have to work with servicers like Seterus now which is hell! Some days I ask myself why I do this and then I remember, because there are so many people out there suffering through this and they need help!
You need to escalate the file and inform them of the California Homeowner Bill of Rights signed by the Gov in July 11th of 2012 and effective as law January 1st 2013.It disallows dual tracking. According to Real Estate Attorneys that I have consulted, believe the law to mean that any loan modification or foreclosure alternative qualifies including short sale. http://www.leginfo.ca.gov/pub/11-12/bill/asm/ab_0251-0300/ab_278_bi... is a link to the law. It is actually AB278 and SB900.