Foreclosure in 92106>Question Details

Teresa Craft…, Home Seller in 92532

I am told by my atty's ofc that we are in "Loss Mitigation" however, we recvd a notice of sale on our home -sale date 1-12-2010..

Asked by Teresa Craft Malta, 92532 Tue Jan 5, 2010

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Your lender's left hand doesn't know what it's right hand is doing. Call you lender or have your attorney call them. It is very likely that the foreclosure department and the loss mitigation department are not in contact with each other.
2 votes Thank Flag Link Tue Jan 5, 2010
Hi TC,

Pick up the phone and call your lender, find out what they say about this sale and your mitigation. The mitigation departments and the foreclosure departments with-in lenders don't usually communicate so it is not uncommon for someone to have a mitigated solution and still be foreclosed upon and lose their home. Also take a real good look at "loss mitigation". It is great to solve a temporary problem but if your home is worth a lot less than what you owe, you are essentially stuck in that property until it rights itself. In San Diego we have communities that will take up to 15 years to recover. Thats a long time to be paying almost double what your new neighbors will pay on their mortgages. While your home is just breaking even they will have theirs paid down and have a large equity position. Bottom line, loss mitigation may not be the best move for your long term financial stability.
1 vote Thank Flag Link Tue Jan 5, 2010
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0 votes Thank Flag Link Tue Sep 21, 2010
Loss mitigation is a department of the bank that handles the short sale process.

If you received a notice or sale, also known as a notice of default or intent to foreclose, you need to talk with a CDPE asap!

If you don't have a realtor list your home as a short sale and start negotiating with the bank, it is very likely they will foreclose on the home within 90 days from receiving the letter.

Hope this helps!

Patrick A. Hale, CDPE, RSD
Short Sale & REO Listing Agent
Associate Broker

"The Best Way To Predict Your Future Is To Create It"
Keller Williams Realty
Toll Free: (866) 538-6057 I San Diego: (619) 309-7883
Mobile/Text: (858) 539-6803 I DRE License # 01777558
Office: 4370 La Jolla Village Drive, Suite 400
San Diego, CA 92122

"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit:
0 votes Thank Flag Link Wed Sep 8, 2010
Loss mitigation is a department of the bank that handles the short sale process.

Loss mitigation is a department of the bank that ensures the bank never has to repurchase or eat recapture cost for a loan lost to sale. You cannot modify somthing that does not exist. The loan is sold and exchanged for a stock certificate later deemed valueless.

A short sale process is a fraudulant misprepresentation of the facts and avoidable to a bank like the plaugue. Twenty five years of bank experience and I am feeling in the mood to tell itl ike it is. Its got ot stop. . .

Loss Mit Dept. = India Boiler room

Get the facts and hear the truth! Its time to take back America
0 votes Thank Flag Link Tue Sep 7, 2010
There is no loss mitigation. The lender is not a lender but a party fighting for your home. Don't beleive me...that's fine. I'm telling you what i know. And what I knonw is "Loss Mitigation"means your due for a notice of sale on your home
0 votes Thank Flag Link Fri Sep 3, 2010
Given this information, I would recommend you use your trusted advisor, the attorney for all your questions. Since you hired him to represent you I respectfully suggest you talk everything over with him and explain you don't understand the process and need to know what is happening with the lender. He knows all the regulations for your state, the law and all the particulars of your loss mitigation case. He is your best resource. I wish you all the best.
0 votes Thank Flag Link Mon May 10, 2010
Loan mods...please. read FAS 140 and explain how you circumvent GAAP.
Loan Mods = Boiler Rooms.
See 1122 AB.
0 votes Thank Flag Link Sun May 9, 2010
Hi TC,

Whats the status??
When you have submitted your loan mod paperwork the lender with stop the foreclosure process.

It is very important that who ever is processing the mod stay in touch with the lender. Every month they will want updated paperwork, pay stubs, bank statments etc.

Loan Mods do happen. Sorry for the confusion. I have been doing them for years. I have over a 65% succes rate. You have to know what your doing, know who to talk to and know what not to believe.

You will not be taken out of formal foreclosure process untill your actuall loan mod is approved.

You do have other options if your curious.

Secured Short Sale, if loan mod is not approved, lender approval is needed. Short Refi both instances you keep your home.

You do need to have income to be able to qualify for a loan at the current market value. Other wise a loan mod is the best bet.

A secured short sale is just that, we do a short sale to our investor, with the option of renting back to you, based on lender approval. We try to either rent back lease back or do an owner carry so you keep your home.

Lender know about the entire process so it is not fraud.... Renting it back with the option to buy may be your best bet.

I am happy to talk to you about any option. Lender and investor approval are always needed.

Joanna Jensen
Realtor Legal Assistant
925 699 5041
Legal Realty
0 votes Thank Flag Link Sun May 9, 2010
Lies Lies Lies. Its all about deceptive policies and ignorance.
0 votes Thank Flag Link Sat May 8, 2010
I would suggest you contact the lender and request a Home Affordable Modification. Since you are delinguent they will expidite your process and modify your loan to meet the requirement of the HAMP (Homes Affordable) program. You must call immediately and under no circumstances should you ever pay a loan mod company that wants money to do this. You can do it yourself directly with the lender they have departments dedicated to exclusively working with homeowners to modify at no cost to you. They will tell you on the phone whether you can qualify. There is another program called HAVA if for some reason you don't qualify for HAMP. This will take you doing a lot of follow up but it will be worth it in the end to keep your homeand preserve your credit.
0 votes Thank Flag Link Mon Mar 15, 2010
ANy agent should be able to tell you who your trustee is if you dont know already, call that lender before its to late
0 votes Thank Flag Link Wed Mar 10, 2010
There is no loss least as you believe. The lender is NOT the lender. They will circumvent you from getting what you’re entitled to. A straight answer.

It’s a royal sham and people continue to buy into the nonsense. Read FAS 140 and see the terms and conditions for selling a loan into a security.

They negotiate, mitigate, hypothecate and who knows what else. How can they even negotiate to foreclose on you if they don’t own the loan...?

Until they buy it back at sale!

Wake up licensed agents
0 votes Thank Flag Link Tue Feb 23, 2010
Hi Again,

tomorrow morning, call your lender. Ask for the following departments: Foreclosure department, make sure you have an active loan modification and see if your financials are in. Once your financial information is in the lender usually puts your foreclosure on hold in order to see if they can work something out.

there is a new law going on that adds an extra 90 days to the foreclosure process as long as your loan was originated at least two years ago approx.

Then after calling the foreclosure department if you dont get your answer call and find out who the negotiator is on your loan. You dont want to talk to the collection department they just want to collect.

If you have to see if you can set up a forebarence program for now. that is a temporary solution were you may be able to pay 3 temporary payments to show good faith.

What ever you do call first thing in the morning. I would ask if the attorney has been working on your file. Ask who was the last person that called in, when they called etc.

If you cant get the foreclosure dept or negotiator try to get an advocacy department. Make sure they sent in your financials for a loan mod. If they havent try to do that over the phone.

Usually once your loan mod package is done they I have never had a client get this close to a sale date. I always have a back up plan.

Best of luck!!
JoAnna Jensen
Legal Assistant
0 votes Thank Flag Link Wed Jan 6, 2010
I work for an attorney and specialize in Loan Mods. I know this time is very stressfull.
I am curious who your lender is? And what your financial situation is? Also who the attorney doing your loan mod is? The sale date is pretty near, they should put it on hold to finish the work out.
Is your first mortgage payment more than 31% of your income?
Do you have enough income to pay a modified mortgage?
If they do not stop the sale very soon you may be forced to file bankruptcy but dont wait too long some attorneys wont want to do it this late. The attorney your working with should hopefully know how to file chapter 13.

Best of luck.

JoAnna Jensen
Loan Mod Specialist
0 votes Thank Flag Link Wed Jan 6, 2010
Just because you are in loss mitigation does not mean the foreclosure has stopped. It depends on the type of loss mitigation you are attempting to do and if the loss mitigation department and foreclosure department are communicating. If you are paying money and have paid them timely you should not be going to foreclosure and I would start calling the foeclosing attorney or the bank to address it quick! You can not waste any time.

If you are just in loss mit you should conact them to see what you can do. If you have nothing in writting assume the worst!

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Wed Jan 6, 2010
Patti put it best and exactly the same way I would have said it.

What I will add that some clients have had some results suing the bank for violations of fair housing statutes when they issue these statements. It's amazing how quickly the loan mods get approved and the bureaucracy is cut when distressed sellers go on the offensive. You may want to ask your attorney if your situation qualifies.
Web Reference:
0 votes Thank Flag Link Wed Jan 6, 2010
The bank is continuing with the foreclosure in case the "talks" with you are not successful. It's not a matter of whether or not the two departments are "talking" to each other - because a sale can be postponed all the way up to the morning of the actual sale date. The loss mitigation department will work with you to get the workout plan completed and if that hasn't happened before the sale date - contact your loss mitigation specialist and ask them to postpone the sheriff sale. If they truly believe that you are trying to work with them and correct the delinquency - and you TRULY can - then they will delay or cancel the sale.

Make sense?
0 votes Thank Flag Link Wed Jan 6, 2010

I have seen banks foreclose on properties while another department within the bank is attempting a loan modification. There's the possibility of a lack of communication between the Loss Mitigation and foreclosure divisions.

Time is of the essence. Your attorney needs to have your sale date extended immediately!

Good Luck!

Chris Keller
QuestStar Realty

0 votes Thank Flag Link Wed Jan 6, 2010
Hello TC,
If you are working on a loan modification, you need to get your attorney to get on the horn with the bank and get an answer on your modification. If you are in a short sale and are pending acceptance from the bank on an approval, then your agent needs to get on the horn with their negotiator to figure out what is going on. If no answers are met and the sale takes place... though scary, you still have options. If you want to speak about your options after foreclosure contact me. I am an Asset Manager in San Diego for many of the large banks. I am also a REALTOR and BROKER. Thanks and good luck.
0 votes Thank Flag Link Tue Jan 5, 2010
It is most likely that 1-12-2010 is the date your property will go to auction. If you contact the bank, you should be able to get the sale date postponed by at least 2 months. I'm not sure the specifics of what you have arranged with your attorney, but generally, they would contact the bank on your behalf and take care of this for you. The majority of loan modifications result in failure, but then again most consumers are trying to handle the loan modifications themselves while they are still current. Your attorney is probably a pro and should be able to handle the situation. Best of luck and know you are not alone...may things change for the better in 2010!


Chad Dannecker - voted San Diego's most dynamic real estate website.
0 votes Thank Flag Link Tue Jan 5, 2010
The bank is going to continue until they have a final deal. Usually there will be a 11th hour extension if everything is not complete by 1/12/2010. Good Luck Bob
0 votes Thank Flag Link Tue Jan 5, 2010
Are you currently working with an agent to negotiate a short sale, if so, you can ask your agent to request an extension. If you are trying to modify, ask your attorney to postpone....or you call the bank and ask for extension. If you are not doing any negotiation, then your property will go to auction.

Charita King
0 votes Thank Flag Link Tue Jan 5, 2010
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