is it possible for a house to be up for short sail and few days before the closing is told that the same lender has the house up for foreclosure at?

Asked by 1313, 30097 Sun Nov 1, 2009

the same time?

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6
Tish Thompson, Agent, Manassas, VA
Sun Nov 1, 2009
If I understand what you're asking, it doesn't work that way. A foreclosure date is set when the banks attorney files and the paperwork is processed by the local court system. If a short sale is in progress, the investors NOT the bank, decide whether or not to postpone or proceed with the foreclosure. Typically, whether or not the investors decide to foreclose depends on the strength of the offer on the short sale. If you're a buyer who wants to ensure you're able to purchase prior to foreclosure, make a strong offer and make sure your financing is even stronger.
1 vote
Alex Rodrigu…, Agent,
Tue Apr 6, 2010
Sometimes the Listing agent can get the foreclosure stoped or postponed, provided they have an offer beiong negotiated. if your friend has a closing date I would assume that the foreclosure can be stoped.
0 votes
Agi at A1A~e…, , Melbourne, FL
Sun Nov 1, 2009
Good answers! Just an FYI. Judges are now stopping foreclosures if the lender has not attempted to modify the loan for the borrower. No matter where the property is in the foreclosure process, I highly recommend an attempt to modify and if for some reason the owner does not qualify to modify, then a short sale is a better alternative then foreclosure. Remember, foreclosure is a judgment, it's not a forgiven debt like bankruptcy. It's far more damaging then just a negative credit score. I predict collecting on foreclosure judgments will become big business. Doctors, lawyers, and high level professionals have all suffered with foreclosure. As people get back in the black and back on their feet, their going to be smacked in the face with the bad debt.
0 votes
1313, , 30097
Sun Nov 1, 2009
Thank you for your response. I will pass this on to my friend.
0 votes
William M "M…, Agent, Suwanee, GA
Sun Nov 1, 2009
On the Short Sale side of the equation is the loss mitigation department at the lender and the foreclosure side of the equation is handled by a totally different department. This is a classic case of the right hand doesn't know what the left hand is doing. The short answer is yes it can happen and since next Tuesday is the first Tuesday of the month that is the day that your friends house will be sold on the courthouse steps provided the lender has meet the criteria for selling it. For an in depth review of the foreclosure process in GA please see the Web References below.
0 votes
1313, , 30097
Sun Nov 1, 2009
Thanks...my friend is the one putting up his house for short sale and was told that the closing is next week, but his realtor just informed him that the number 1 lender has the house up for foreclosure as well for next week. is this legal?
0 votes
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