If you are in a trial mod - Loan Modification Forum

montana59451 · 10-03-2009, 03:23 PM

If you are in trial payments and your paperwork has been completely submitted are they supposed to CANCEL the foreclosure sale or can they just put a "HOLD" on it? I have Fannie Mae as an investor, MERS as the party foreclosing and BAC as the servicer.

Garry · 10-03-2009, 03:37 PM

I thought it was cancel, but it looks like I may be wrong:

In Foreclosure Process:

Any foreclosure action will be temporarily suspended during the trial period, or while borrowers are considered for alternative foreclosure prevention options. In the event that the Home Affordable Modification or alternative foreclosure prevention options fail, the foreclosure action may be resumed.

davephx · 10-03-2009, 04:04 PM

They are "suppose" to delay but you are at their mercy.

As lawyers and National Consumer Law has warned servicers are doing "silent" foreclosure sales after telling you they are not. If they determine you are not eligible they do not have to even tell you but can immediately sell the next day if your sale date is passed. That is why some of us need to find a better solution than as Citi suggested calling each day to see if your home was sold or not!

With all the hype about preventing preventable foreclosure sales it simply is not working in the real world for some who are losing their homes dispite all the Fannie/Treasury/HAMP directives

montana59451 · 10-03-2009, 04:04 PM

Thanks for clarifying that for me. Recontrust tells me there is a hold on the sale date, but their website is still not updated. Also, how do you know that they got word to whoever does the sale in my County. MT is a non-judicial state?

helpsavemyhome · 10-03-2009, 08:48 PM

They will only postpone it, not cancel it. Keep checking with Recontrust to make sure it has actually been postponed as it is up to them.

I had a sale date that got postponed only two hours before the actual sale, due to a miscommunication between BofA and Recontrust. Keep on them until the website is updated.

montana59451 · 10-03-2009, 11:17 PM

helpsavemyhome

Are you saying that until it is updated on the site regardless of what they tell you on the phone it is NOT postponed?

helpsavemyhome · 10-04-2009, 08:16 AM

montana, it's a good sign that they're telling you over the phone that it's postponed, but it's even better when it's updated on the website (because you have it in writing). I just don't trust them. I'm sure it's okay, tho. Just keep checking back.

montana59451 · 10-04-2009, 09:19 AM

my thoughts exactly

10-03-2009, 03:23 PM	#1 (permalink)
montana59451 Senior Member Join Date: Aug 2009 Posts: 130 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	If you are in a trial mod If you are in trial payments and your paperwork has been completely submitted are they supposed to CANCEL the foreclosure sale or can they just put a "HOLD" on it? I have Fannie Mae as an investor, MERS as the party foreclosing and BAC as the servicer.

10-03-2009, 04:04 PM	#3 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,163 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod They are "suppose" to delay but you are at their mercy. As lawyers and National Consumer Law has warned servicers are doing "silent" foreclosure sales after telling you they are not. If they determine you are not eligible they do not have to even tell you but can immediately sell the next day if your sale date is passed. That is why some of us need to find a better solution than as Citi suggested calling each day to see if your home was sold or not! With all the hype about preventing preventable foreclosure sales it simply is not working in the real world for some who are losing their homes dispite all the Fannie/Treasury/HAMP directives

10-03-2009, 04:04 PM	#4 (permalink)
montana59451 Senior Member Join Date: Aug 2009 Posts: 130 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod Thanks for clarifying that for me. Recontrust tells me there is a hold on the sale date, but their website is still not updated. Also, how do you know that they got word to whoever does the sale in my County. MT is a non-judicial state?

10-03-2009, 08:48 PM	#5 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod They will only postpone it, not cancel it. Keep checking with Recontrust to make sure it has actually been postponed as it is up to them. I had a sale date that got postponed only two hours before the actual sale, due to a miscommunication between BofA and Recontrust. Keep on them until the website is updated.

10-03-2009, 11:17 PM	#6 (permalink)
montana59451 Senior Member Join Date: Aug 2009 Posts: 130 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod helpsavemyhome Are you saying that until it is updated on the site regardless of what they tell you on the phone it is NOT postponed?

10-04-2009, 08:16 AM	#7 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod montana, it's a good sign that they're telling you over the phone that it's postponed, but it's even better when it's updated on the website (because you have it in writing). I just don't trust them. I'm sure it's okay, tho. Just keep checking back.

10-04-2009, 09:19 AM	#8 (permalink)
montana59451 Senior Member Join Date: Aug 2009 Posts: 130 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: If you are in a trial mod my thoughts exactly

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