Our home is about to be sold on August 9th, days away. We got approved for a loan mod. and were told the auction would be postponed. Is this true?

Asked by Mrs. G., Huntington Park, CA Wed Jul 27, 2011

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Michael Emery’s answer
Michael Emery, , Minneapolis, MN
Wed Jul 27, 2011
If you're approved for a loan modification then there wouldn't be any need for a foreclosure auction.

BUT the foreclosure department is different from the loan mod department. So if you have any paperwork from the foreclosure department, CALL them to ensure they have cancelled the foreclosure action because you're getting a loan modification. Don't assume that just because you've been approved for a loan mod that the foreclosure auction won't take place as one hand doesn't know what the other hand is doing.
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Ron Thomas, Agent, Fresno, CA
Wed Sep 21, 2011
has anyone noticed that this was JULY!

It too late now.
0 votes
Daniel Choi, Agent, Los Angeles, CA
Wed Sep 21, 2011
Hello G,

Whether you are doing loan modification or short sale, these in banker's point of view are attempts to settle debt.

If you have been approved for a loan modification, technically you are o.k since you will be placed on a trial period of three months to see if you can follow thru with your new payments. So make sure you do not miss nor make any late payments. Otherwise, bank will automatically put you out and the foreclosure process will resume. I would contact, as my previous colleague suggested, the foreclosure department to inform of your loan mod approval so that they do not mistakenly send your file to foreclosure as one client of a colleague experienced to her dismay.

Please feel free to visit my blog where I have written about foreclosure process, timelines, loan mod at http://foreclosuremission.blogspot.com or in Spanish at http://eviteforeclosures.blogspot.com.

Good Luck and stand strong !

Daniel Choi
Broker Associate
Nextage Capital Advisors
1521 Wilshire Blvd
Los Angeles, CA 90017

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