Foreclosure in 90403>Question Details

Liz, Home Buyer in Seattle, WA

Can you push a Foreclosere date out?

Asked by Liz, Seattle, WA Wed Apr 10, 2013

Hi,
My husband & I are in the process of buying a Short sale, but it has a foreclosure date for next Friday. We're suppose to have underwriting sign everything today and send it to funds, then to Escrow. Everyone knows it's time sensitive, but I was wondering if the Sellers bank would rather push the date out a week to finish this process or if they don't care and will just foreclose it? Help...

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Ron Escobar, Broker’s answer
The banks usually postpone the foreclosure date when they are in escrow as a short sale... However, the process is human and lots of people are involved and it falls through the cracks... I had short sale that foreclosed the same day the loan for the buyer funded! (but this was three years ago).

Banks are much better now... make sure the listing agent has requested a postponement... they usually do not postpone until the day prior so it is a little nerve racking, but your chances are very good if the postponement was requested and attention was brought to the matter.

If you find my answer useful, give it Thumbs Up!

Goo luck! and congratulations to your family for the home purchase!!!
1 vote Thank Flag Link Wed Apr 10, 2013
Thank you so much! :)
Flag Wed Apr 10, 2013
Hi Liz

The listing agent should show the short sale lender that you are very close to getting loan documents and closing the escrow so that they will postpone the foreclosure sale date. The short sale banks usually do not postpone sale dates until a couple of days before the date of sale. Good luck.

Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
Direct phone 818-903-2040
Dre License #01712757

http://www.Short-Sale-Vs-Foreclosure-Help.com
1 vote Thank Flag Link Wed Apr 10, 2013
Thank you! :)
Flag Wed Apr 10, 2013
Hi,

There are several different reasons to extend a foreclosure date.

Call me and we can discuss them.

Al Goldberg Broker
800-765-3609
1 vote Thank Flag Link Wed Apr 10, 2013
Listing agent should contact bank to request postponement. Most banks will do postponement - providing that you are in escrow and are ready to close, however there have been cases where banks would foreclose on the property in the active short-sale.
Listing agent must be pro-active to avoid foreclosure.



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1 vote Thank Flag Link Wed Apr 10, 2013
Thank you :)
Flag Wed Apr 10, 2013
Yes, they can if they are on top of it, most of the banks will do an extension for the foreclosure REO auction date, ask your agent to push them to do this if they haven't yet. Ultimately, it is up to the bank if they want to extend the date, but 99% of them will if they have a sale that appears it is going to go through.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
http://www.HeatherPaulOnline.com
1 vote Thank Flag Link Wed Apr 10, 2013
Thank you! :)
Flag Wed Apr 10, 2013
You can always work with the lender to see if they would consider delaying the foreclosure!
0 votes Thank Flag Link Fri Oct 11, 2013
Hi Liz,

It all depends on the loan, the investors, if it's a loan with Fanni Mae or Freddie Mac, etc, etc. Your agent would be the best to investigate this and ask the right questions to the negotiator. I've seen both ways due to the reasons I mentioned above. If you don't have an agent representing you, feel free to contact me directly. Good luck!

Elizabeth Sorgen
310-469-0500
0 votes Thank Flag Link Wed Apr 10, 2013
Hi Liz,
In my experience, if you have a short sale approval and a foreclosure date within that time period the bank will postpone the sale date. However, the short sale lender commonly can't postpone the date until a few days before. If needed, make sure the lead agent speaking to the bank on behalf of the seller requests a postponement.
Best Regards,
Kim
0 votes Thank Flag Link Wed Apr 10, 2013
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