Babysit Your Short sale Folders Or Foreclosure Will Occur
July 20th, 2010
Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred actually held his wedding reception at Taco Surf. If you are ever in the San Diego neighborhood, you must check out Taco Surf. The reason Fred is having such a last-minute lunch today is because he has exhausted more than a few hours this morning babysitting foreclosure auction dates.
The first folder, serviced by Metlife for Freddiemac, has been a pest during the complete progression. The first time we tried to complete this folder, MetLife sought to foreclose. So, we went to Freddiemac and they happily delayed the auction date. However, the buyer on that deal fell through following inspections. At the present we have a new buyer and we submitted that contract at the end of June. We have been dealing with Metlife to get them each and every one of the papers that they needed until last week. Last week they notified us that they could not delay the foreclosure auction date because it was too late. So, this morning, Fred had to phone Freddiemac yet again to get the foreclosure auction date delayed. Freddiemac, once again, happily delayed the auction date and sent Metlife an email asking them to delay the auction date for an added 60 days because the offer on this home is more than the BPO. It definitely makes you wonder what Metlife is doing in the short auction business.
The second folder, dealing with Chase, has been very testing. Fred was told last week that the auction date has been delayed and all is fine. Fred has chatted to a couple of people that have been very supportive and nice, but the trustee has already told Fred that the residence is going to foreclosure auction tomorrow. Fred called the trustee for the second time today and he confirmed that it is absolutely going to auction.
Finally, the Chase employee called Fred back and confirmed that the auction had not been delayed. It seems that, Chase delayed the auction internally, but Chase forgot to get consent from the backer. So, Chase had to go to the backer and ask for that they auction date be delayed.
We aren’t picking on any servicers or investors, but we would like other realtors to understand that you must verify foreclosure auction dates with the trustee. Trust no one inside the banks and corroborate everything.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.