Babysit Your Short sale Folders Or Foreclosure Will Transpire
July 20th, 2010
Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred in fact held his wedding reception at Taco Surf. If you are ever in the San Diego area, you should check out Taco Surf. The reason Fred is having such a tardy lunch today is because he has spent a number of hours this morning babysitting foreclosure sale dates.
The first file, serviced by Metlife for Freddiemac, has been a pest during the complete process. The first time we attempted to close this file, MetLife wanted to foreclose. So, we went to Freddiemac and they gladly deferred the sale date. Nonetheless, 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 documents that they needed until last week. Last week they notified us that they could not suspend the foreclosure sale date because it was extremely late. So, this morning, Fred had to phone Freddiemac yet again to get the foreclosure sale date deferred. Freddiemac, once again, gladly deferred the sale date and sent Metlife an email asking them to suspend the sale date for an extra 60 days because the offer on this property is more than the BPO. It definitely makes you question what Metlife is doing in the short sale business.
The second file, dealing with Chase, has been very wearisome. Fred was told last week that the sale date has been deferred and all is fine. Fred has talked to a few of people that have been very helpful and nice, but the trustee has previously told Fred that the house is going to foreclosure sale tomorrow. Fred called the trustee for the second time today and he established that it is certainly going to sale.
At last, the Chase worker called Fred back and confirmed that the sale had not been deferred. It seems that, Chase deferred the sale internally, but Chase forgot to get consent from the financier. So, Chase had to go to the financier and request that they sale date be deferred.
We aren’t picking on any servicers or investors, but we want other agents to recognize that you must verify foreclosure sale dates with the trustee. Trust no one in the banks and corroborate everything.
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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.