Client just received a Foreclosure Letter on BOA Short Sale

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Permalink Reply by Katerina Gasset on February 6, 2010 at 11:33am

You have to get the negotiator to postpone the sale. It also depends on what state you are in. If you are a judicial state, the negotiator won't postpone the date until about 4 to 5 days before that date. That is because of the terms of their PAS agreement with whoever the investor is. Freddie loans are always last minute postponements. There are legal reasons for this that I won't get into here- too long. But suffice it to say, you have to watch the court docket on a weekly basis and then call the negotiator and get your file moved along. They need the BPO in before they can determine to postpone the sale also.

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Permalink Reply by MeLisa Minter on February 6, 2010 at 11:40am

Thanks Katerina,

They have requested two BPOs. One back in October, which got lost in translation, then they requested another one in November.

Do you think they will need another one, since we're in a new now?

I will certainly get in touch with the negotiator.

By the way, since I found out who my negotiator is and that she's local ( here in the DFW area) I was thinking of paying her a "visit" with my file.

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Permalink Reply by Kent Dills on February 6, 2010 at 12:50pm

MeLisa, you might be at the point when you will need another BPO. They're usually good for 90 days and you're almost there if the last one was done in November.

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Permalink Reply by Bill Schallmo on February 6, 2010 at 3:55pm

MeLisa,

What state are you in?
Was this a first or 2nd?
Was your fill submitted in the Equator system?
Their new system “equator” is a
I’m here in Orange County CA area, and have at least 1 supervisor phone number at the Brea facility.

Bill
Billmyrealtor@yahoo.com

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Permalink Reply by MeLisa Minter on February 6, 2010 at 9:01pm

Hi Bill,

I'm in Texas. This is a first. It was originally a Countrywide loan. They were not using Equator when we started this Short Sale File. My negotiator is in the Dallas area, but any contact information you can give me would be great.

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Permalink Reply by Sherry Wheeler on February 7, 2010 at 8:28am

I have the same situation. They just gave me specific dates to ask the negotiator to request a postponement. I'll have to check my file but it's a certain number of days before the sale date. You have different days depending on if a short sale has been accepted and another day if it hasn't. I can check my file tomorrow if you need the # of days prior to. Just let me know.

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Permalink Reply by Bryant Tutas on February 7, 2010 at 8:34am

Melisa, I'd be surprised if they foreclose. Just stay on them and make sure the sale gets canceled. If they refuse to cancel it have the sellers get an attorney involved. There are things an attorney can do that will stop it in it's tracks.

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Permalink Reply by MeLisa Minter on February 7, 2010 at 3:46pm

Thanks Sheryy,

Whatever info you can give me would be great.

Sherry Wheeler said:

I have the same situation. They just gave me specific dates to ask the negotiator to request a postponement. I'll have to check my file but it's a certain number of days before the sale date. You have different days depending on if a short sale has been accepted and another day if it hasn't. I can check my file tomorrow if you need the # of days prior to. Just let me know.

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Permalink Reply by MeLisa Minter on February 7, 2010 at 3:47pm

Bryant I will definitely stay on them.

It's frustrating that the two departments(Short Sale & Foreclosure) don't communicate with each other.

Bryant Tutas said:

Melisa, I'd be surprised if they foreclose. Just stay on them and make sure the sale gets canceled. If they refuse to cancel it have the sellers get an attorney involved. There are things an attorney can do that will stop it in it's tracks.

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Permalink Reply by Carol Pease on February 7, 2010 at 8:48pm

Melisa:

Get a copy of the foreclosure notice. There will be an attorneys name on it and/or the trustee's name on it on the last page. Google that company, get their phone number and give them a call. You may have to fax your letter of authorization to them. Call the trustee's office and the attorney and state your case. I had one scheduled for the 2nd of February and I got it moved ot the 2nd of March.

Get to your negotiator and tell her she needs to cancel the sale. They need to know by the 2oth of the month to get it done. Keep an email log of what you are doing.

If all else fails ask for verification of the note and send it certified to the address listed on the foreclosure notice. If this was a Countrywide and now BOA, who knows where the note may be? The foreclosure notice will have language about verification of the note and that they must stop foreclosure until they provide you with proof that the company foreclosing actually has the right to do so. Don't ask for verification until you are within the 21 days so wait a few days so they have to postpone it til the April sale date. There are many ways to skin that cat.

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Permalink Reply by MeLisa Minter on February 7, 2010 at 8:57pm

Wow! Carol,

That's very informative. I see that this is going to be an interesting week. Hopefully I can get the foreclosure halted and the Short Sale moving.

Carol Pease said:

Melisa:

Get a copy of the foreclosure notice. There will be an attorneys name on it and/or the trustee's name on it on the last page. Google that company, get their phone number and give them a call. You may have to fax your letter of authorization to them. Call the trustee's office and the attorney and state your case. I had one scheduled for the 2nd of February and I got it moved ot the 2nd of March.

Get to your negotiator and tell her she needs to cancel the sale. They need to know by the 2oth of the month to get it done. Keep an email log of what you are doing.

If all else fails ask for verification of the note and send it certified to the address listed on the foreclosure notice. If this was a Countrywide and now BOA, who knows where the note may be? The foreclosure notice will have language about verification of the note and that they must stop foreclosure until they provide you with proof that the company foreclosing actually has the right to do so. Don't ask for verification until you are within the 21 days so wait a few days so they have to postpone it til the April sale date. There are many ways to skin that cat.

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Permalink Reply by Carol Pease on February 7, 2010 at 9:19pm

Melisa:

That is the beauty of this group. We can help each other. Wendy and Bryan need to be commended on the great resource they have created for all of us to use. I have 2 clients that are BOA right now that I am working with.

Besides that, we Texans need to stick together. As you know we are non-judicial and we have to hold the wolves at bay because they don't have to do too much to foreclose on someone here. I've also found that you need to check the foreclosure notice and see if the trustee that is listed on the notice is the same trustee that was listed at the time the note was written. If it is not, did they follow the procedure listed in the note to change the trustee.

Anyway, I'm glad to help a fellow Texas Realtor.

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