Hi, everybody, Scott Fuller from the East Bay Short Sale Group. We are your Concord, California, short sale specialists. I want to talk a little about a question that we get pretty often. Are we able to postpone a foreclosure sale day while we are in the middle of a short sale approval process?
A lot of people come to us, and they want to wait until the last minute to see if they can get a loan modification, see if there is some other way to be able to stay in the property and not have to do a short sale or a foreclosure. And they end up doing a short sale kind of as a last resort. In a case like that, we might be up towards a sale date coming up pretty soon, and what we do is if we have an active short sale and we have an offer on the property, we submit it to your lender, your lender being Bank of America, being Wells Fargo, any servicer like that. We send it over to them, and we can for ask them to request a postponement sale day from the investor. The investor is the company or the individual that actually owns the loan, such as Freddie Mac, Fannie Mae, companies like that.
In most cases, they will postpone the sale day, but they usually cannot issue a postponement until within five days of the actual foreclosure sale date itself. So, what we always try to tell people is if you are thinking about doing a short sale, start early and try to be proactive with the process so we don’t get to that point. But, if we do get to that point, as long as they have a full file, all the documents and offer, and everything like that, 99% of the time, we’re able to get them to postpone the sale date, and again it’s not up to your servicer, it’s not up to Bank of America. They have to put in a request to the investor.
So, if you’re not sure how that works, if you have more questions on it, if you’d like to talk about your situation specifically, contact us at EastBayShortSaleGroup.com. We’ve helped a lot of homeowners in Concord, California, be able to do a short sale successfully. Be happy to sit down and do a no cost consultation. Hope everybody has a great day and thanks for listening.
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