It use to be the homeowner could mess around for months before the foreclosure / trustee sale date and at the last minute the homeowner or their eShort Sale Approved negotiation team could ask for an extension. NOT anymore! We have experienced some FAILED Short Sales since the homeowner didn’t act sooner.
Scenario 1: Last year a homeowner waited and waited for the N.O.D. (notice of default) to be filed before looking for help. Then, after waiting a few more months they would call a broker to list their home and as long as they were actively marketing their property, Bank of America would extend the sale date and the foreclosure was stopped until the next month. You could continue to play that game for months. So, If you had a buyer with an offer, the clock was graciously stopped by Bank of America. You then had time to facilitate the Short Sale. If you lost that buyer you could go find another one since the “trustee sale clock” was stopped. There were lots of options and lots of time.
Scenario 2: Today, if your Bank of America Short Sale or Fannie Mae Short Sale isn’t approved by the foreclosure / trustee sale date then – FORECLOSED! Do not pass go! Do not ask for extensions. The homeowner could now expect the banks’ real estate broker to pay you a visit and offer a relocation assistance program and an Eviction to boot! The rules change once it foreclosed. The bank isn’t as nice as they were with you before.
So… what did you learn? Bank of America and Fannie Mae has elected to streamline their foreclosures so please don’t wait until the last minute. Even if you think they are working with you to do a loan modification and a foreclosure date is set – THEY DON’T HAVE TO EXTEND THE FORECLOSURE DATE – even if they tell you they are working on a modification or Short Sale.
What to learn more? Go to www.eShortSaleApproved.com or download a FREE eShort Sale App from Apple’s APP Store and read it at your leisure from your iPhone. Click on this to download it from Apple iTunes: http://itunes.apple.com/us/app/eshort-sale/id474247121?mt=8
- Bank of America: $20,000 short sale incentive to struggling homeowners (mariselatorres.wordpress.com)