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.
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
"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
SHORT SALE EXPERTS WITH A MISSION TO:
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If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
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
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.
Realtor Legal Assistant
925 699 5041
Itâ€™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 donâ€™t own the loan...?
Until they buy it back at sale!
Wake up licensed agents
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!!
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.
Loan Mod Specialist
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!
First Weber Group
Certifed Distressed Property Expert
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.
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!
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. http://www.thelajollalife.com
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