Lenders announce they will not cooperate with short sales within 30 days of Auction

Profile picture for CoolCathy
Several Big Name lenders have changed policy on cooperating with offers or short sales.  Several have stated they will no longer delay an auction date or consider offers within a 30 day time block of the auction.  So, time is of the essence.  If you think you might consider short selling your home, don't wait.  On the flip side many lenders are willing to negotiate and assist up front to avoid yet another foreclosure in their portfolio.
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September 30 2010 - Auburn
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Profile picture for Shevy
Interesting, good post. Thanks for the information. Do you have any articles that I can check out regarding this?
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September 30 2010
Profile picture for Ian Rosenbaum
Cathy,

Please substantiate this post as I have not heard of this policy change anywhere else.

Which "big name lenders" do you speak of, and where did you get this information?
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September 30 2010
Profile picture for Dunes....

Subject: !!!URGENT!!! New Procedures Regarding Extension and F/C Sale Dates

Hello,

If you are receiving this email, I currently am working on your short sale file or have worked on your file in the past few months. PLEASE READ THIS WHOLE EMAIL AND FORWARD TO ANY PARTIES WHO MAY BE WORKING ON A SHORT SALE FOR WELLS FARGO.

Due to recent industry changes, we at Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted. Files must close by expiration date on the original approval letter or they will be removed. If your approval expires 9/15 or 9/16, you will have 48 hours to get me the final HUD for approval and close.

Please let me know if you have any questions! Thank you!

Link to Blog about this

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September 30 2010
Profile picture for aracz
Hi Cathy,

I wonder if this will just mean more REO's rather than short sales.

All the best,

Arpad

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September 30 2010
 
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DiscussionLenders announce they will not cooperate with short sales within 30 days of Auction
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  • September 30 2010
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