Foreclosure Lead Question - Posted by Tom

Posted by Larry on July 30, 2003 at 12:44:24:


You provided little information to go on but I will do my best. It all depends on the bank you are woking with and there willingness to work with you. I have worked on a short sale the week before the auction (Washington Mutual) is to take place and I have had instances where they would not accept a short sale no less than 30 days before the auction (Countrywide)is to take place. I am in Texas so are rules and regulations towards a short sale might be different than where you are at but in Texas postings are done 21 days before the auction date which takes place the first Tuesday of each month.

So to answer your question, yes you should be able to do a short sale once the attorney has stepped into the picture. Now I say this because we can do this in Texas and I do not see why you should not be able to do this where you are at.



Foreclosure Lead Question - Posted by Tom

Posted by Tom on July 30, 2003 at 11:51:20:

I just got a call from a frustrated landlord in foreclosure.ARV $90,000 to $95,000 owes $86,000. Needs $5,000 in repairs- $2,730 in arrears. Auction scheduled for Aug 28th. I have done short sales in the past but not at this tight of a time line. The bank has told the homeowner he has to pay the arrearage by tomorrow or it is out of their hands and into the attorney’s control.

Can short sales be done once the attorney has control or is it too late to try and negotiate a short sale? Any other suggestions will be appreciated.

Thanks in Advance,

Re: Foreclosure Lead Question - Posted by IB (NJ)

Posted by IB (NJ) on July 30, 2003 at 17:30:09:

Yes like Larry alluded to, it depends on the laws in your state. In NJ, a homeowner is allowed to reinstate right up until the sale. So the lender still has to deal with you even though it might be in the attorney’s hands. Check the laws of your state.