Based on what you have just described, what you have received from the bank is the initial contact from the bank that they will start the official foreclosure proceedings. What I would suggest you do is get this information to a real estate attorney, as soon as possible, to protect your rights. As you have not stated what the name of the document is, I don't know what the true time frame would be. That is why is it very important you see a real estate attorney immediately. You will want a real estate attorney that know about the foreclosure proceedings, you can not go to just a general practitioner, you will need a specialist for this.
I wish you the best of luck.
Thank you to all, for the amazing fast respond.
I have a local Realtor who has experience in short sale, we find the best price for my house, we make an open house, we received 5 offers, we take the best one, and we keep two more for backup, my agent send all the information and signed papers to the bank and looks like everithing is o.k. for the bank becouse they dont request me something else.
I received a letter from the bank where they tell me : You are late on payment for 90 days, if you dont pay the ammount on December 8, we take legal possecion of your house.
I let my agent know about the letter and he contact the bank inmediatelly but they just answer: We are working with the papers in your case and the foreclosure will not happend.
But I only have 15 days and are going fast.
The foreclosure department said: We dont see in our system a short sale aproved, until this happend we continued with the foreclosure.
Again, thanks for all the good help.
From what I can see, you are trying to do this possibly on your own and given how detailed this process can be it is extremely important that you contact an attorney in order to represent you on the foreclosure side of this. Each bank works differently, and even within the same bank each negotiator has a different work style and approach. I have had quite a bit of sucess on short sales, with the most important item , ensuring that the bank is in receipt of the proper documentation that they require. A good real estate attorney can forestall the foreclosure for you.
The document you are referring to having received, is that the Lis Pendens, which is the initial notification that a foreclosure proceeding has been started? If what you are referring to is the Lis Pendens, then the 12 days is the amount of time you have to get an attorney to respond on your behalf to the bank, and then the full foreclosure proceding starts. Or does the letter you reference state that there is an actually foreclosure sale date? That would be quite a different letter.
On the shore sale side, it is not clear by your posts how you have handled the offers you have on the home. Have you submitted all 3 offers or just the one you think is the best one? Are you working with a local realtor that is additionally providing the bank with the additional documentation needed? I have found through experience that most of the problems can be resolved by having a clear understanding of what the bank wants and ensuring that the documentation submitted meets their requirements. Something as simple as not placing the loan number and last four digits of your social security number can delay the process.
What you will want to establish is that both the short sale department has what they need, and that the foreclosure department is fully aware that you in the process of selling your home and have submitted for short sale approval. Again, each bank is different, with some banks, the short sale department does communicate with the foreclosure department and vice versa, but unfortunately due to the volumes that are being worked , it is possible to have some lack of communication between the two. This is where a good real estate attorney can make sure that the foreclosure sale is placed on hold to allow for processing of the short sale.
Please let me know if you have any additional questions.
Certified Property Distress Expert
Have you submitted you offer under hafa or the normal process?
Has your agent submitted it thru equator to bank of America?
Is there mortgage insurance on your loan?
Are there more than one loan?
Has a brokers opinion been completed on your property?
Have you submitted all the required documents:tax returns,pay stubs, bank statements, cash flow statement and hard ship letter?
If the brokers opinion has not been done, I would escalate it at B of A to a supervisor or manager. Get an explanation of why it is complicated.
First Weber Group
Certified Distressed Property Expert
The sale date can be postponed up to the very last minute, but you need help my friend! Please, please find an experienced realtor or an attorney, but get some help!
Bank of America change 3 times the person who is in charge to my case,so they lose time just in that,plus they know about my letter for foreclosure and just answer :we have to wait, its complicated etc. but my time is almost finish, 12 days...
what will happend when we get the foreclosure date and I stil waiting for a short sale approval?
P.D. exellent time respond...good service. thanks
please see my blog with tips on getting a short sale approved.