Bid on a F. Mae foreclosure on the 4th, bid canceled a day later as F. Mae is re-assessing this ILL property, what now, how long could this take?

Asked by Rick G, 60050 Thu Oct 7, 2010

I bid on a Fannie Mae foreclosure on October 4th, was told by agent on October 5th that my bid was canceled as Fannie Mae is currently re-assessing foreclosures. Does anyone have any ideas as to how long this could take, what steps should I take to find out if and when it is going back on the market? Thank you very much for any help.

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Amy Foote, Agent, Carpentersville, IL
Fri Oct 8, 2010
Well....that's the $64M question! Several banks are putting a hold on foreclosures to take a closer look at their processes, specifically in certain states because of their particular foreclosure laws. Illinois is included in any of the those moratoriums. I'd have your agent keep in close touch with the listing agent and make sure you're first on the list for a call when it comes back on the market.
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