Replies to This Discussion

Permalink Reply by Edwin Baloloy on September 2, 2012 at 9:26am

Thanks for sharing, Tony. Do negotiators deny postponement to simply lower their workload? It would seem logical, especially if it looks like a tough file or there's too much on their desk.

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Permalink Reply by Tony Morales on September 2, 2012 at 2:55pm

negotiators  are not in a position to deny postponements  They must request a postponement but they will give their typical scripted line that " we can request but cannot guarantee it will be postponed"t  there are some bad negotiators out there so  I will always go over there heads and even have told them that I will file a formal complaint that will end up in the employee file.

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Permalink Reply by Kathy Dyer Realtor Rosevillle Ca on September 2, 2012 at 11:21am

Hello, I just got a B of A FC postponed 2 weeks ago NY Mellon is investor.

It was postponed that same day. I called and called to make sure it went through. I too am in CA.

Good luck, don't give up.

Go to B of A Twitter for escalation.

Kathy Dyer

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Permalink Reply by Katherine Muhs on September 2, 2012 at 11:34am

Just so everyone knows -- what number were you calling?

 

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Permalink Reply by Douglas Juenke on September 4, 2012 at 11:45am

I just lost my first home to foreclosure in over 4.5 years ( really sucks!!) and it was indeed fannie mae.  We had agreed to the investor counter offer almost 4 weeks before the auction date and from that point on hounded the negotiator at CITI and fannie mae would not postpone because according to the senior VP of short sale dept. at CITI, fannie mae will NOT postpone without an approval letter in hand!!! period, no chance- his words. Thus even though we met the bank/investor counter offer fannie would not postpone.

Here's the salt in the wound though. We had a net to the bank on the HUD for slightly over $145k after all fees.  The bank sold it at the steps for $131k and took a $14k loss with them.  I had been able to get ALL of my f/c postponed before but this one sunk like the titanic and I had to call my clients and give them the news......... fun phone call BTW.

 

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Permalink Reply by Katherine Muhs on September 4, 2012 at 1:14pm

My condolences Douglas. The really hard part is telling our clients the bad news. They always seem to say it makes no sense (they're correct) and they're upset because there seems to be absolutely no logic involved (given what we know). My guess is FNMA had a MI policy that would net them more if the FCd? SOMEthing must be happening moneywise to precipitate such a decision. Too often, FNMA blows up a great deal on a short sale only to net significantly less on the FC or REO sale.

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Permalink Reply by Debbie Parkans on September 4, 2012 at 3:30pm

Just had a negotiator tell me today on a Freddie Mac that unless they have Freddie Mac approval prior to the trustee sale that is scheduled for Sept. 11, that Freddie Mac will not allow a postponement - even though we have been in the process for 3 months and it has now been in with Freddie Mac over 3 weeks.  Tomorrow I am emailing freddie mac to try and get some assistance - worked once - maybe I'll get lucky.

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