Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 16, 2012 at 4:55am

It's unusual for the 2nd to foreclose.  Wells however, has done this in the past only for the unknowing Buyer to find out they only bought the Note and not the actual property.  This happened a lot in SoCal and there was a famous one in Palm Desert where Wells had to reverse the closing and pay the buyers.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 16, 2012 at 6:21am

Yep -

These first time buyers were led down the path by a "Broker" in the Desert who was uninsured and not a member of CAR or NAR. They paid $125,000 at the Courthouse for what they thought was a SFR in Palm Desert on his advice and with all of his research in hand.  It was only the 2nd TD with a 1st TD still current of $350,000.  They got it reversed by going to the Media (New York Times picked up the story) but it took 6 months and finally Wells did the right thing, reversed the transaction and refunded their money.

Permalink Reply by Krystal Warren on May 16, 2012 at 5:52am

Hey there,  in most instances, they will postpone the foreclosure if the entire short sale package is submitted.  Call to find out EXACTLY what they'll need (no hidden documents, i.e., Chase financial worksheet, hardship affidavit, etc.) and then once submitted, keep calling to verify the whole package was submitted, and keep requesting postponement until you know that the request was submitted.  Once it's submitted, it's up to the investors to decide whether or not to postpone.  Hope this helps! :)