can they foreclose while you are in review

[maureeng]

we any no other choice but to default due to hardship. they first refused our modification due to inaccessibility. that was questionable because i also had a third party calling as well as i was calling. the bank reinstated us all over again and wanted to only deal with me. now we had to resend all updated info again (like 4 times already) and finally a negotiator has been assigned, In the meantime they put a trustee sale date for sept 2. They are stating that it takes 45-60 days to review. So i asked them to postpone the trustee sale date. They said they will know this week whether we are accepted and they will postpone it if we are not accepted the trustee sale moves forward. I was told by someone that while you are in review they cannot proceed with the foreclosure. Of course the bank states that this isnt true. This is very stressful. any info on this

[alisoncg]

We are in foreclosure at the same time that our loan is being reviewed also. I asked the same question and the answer is yes, the foreclosure will continue to move forward even though you are in the process of trying to get your loan modified.

[maureeng]

you are right they will not stop the foreclosure because of review. Wells Fargo stated it really is up to the investor. and my investor wants it this way, I called today as it is 10 days before the trustee sale and i requested with loss mitigation a postponement. at least we need some time. my fear is that they will refuse the loan mod next week. The only chance i have to at least buy time is list the property and get an offer right away so that if i submit it as a short sale wells fargo will then postpone the trustee sale. Unfortunately, i want to stay in the property but if that is my only choice i think a short sale would be a better choice. My understanding is the tax ramifications are better. have you heard if they have a law now where we would be forgiven for the difference? Boy is this stressful. Thank you for your response.

[alisoncg]

I believe you have to have the house listed with a realtor for 3 months before the bank will agree to a short sale so I don't think you would be able to do that. We are in Florida and have a friend who is an attorney and the only thing he is handling right now is loan mods and foreclosures. Believe me, his hair is turning gray and he has lost about 30 pounds in the last year. I do know that he has been able to save some homes at the last minute or at least buy some time for his clients while they persue other options or wait for a mod to go through. As far as the law about being forgiven for the difference, I really don't know maybe someone else on here can answer that one. At this point if I were you I would try to speak to an attorney. Some give free consults or you could hire one for an hour just to get some answers. I wish you well.

[maureeng]

Thanks for your response. I did speak to an atty and he recommended for us to do a forebearance and give them some small amt of money and what they might do his let us keep our house with the payments as they were and a repayment plan for the back mortgage we owe or put it on the back of the loan. The problem is taking over the same amt of payment is so stressful for us and i dont think we could do it. however, his suggestion is then we should then try and do a short sale- anything but foreclosure. He wasnt sure about the forgiven part. - a friend realtor told me that today. I will call another atty on Monday. thanks

[maureeng]

Thank you for your response.
This is the situation. The trustee sale is sept 2nd. i have been calling talking to supervisors and they say to call back the day before and will let us know if there is a postponement. They will not postpone at this point but state that i am still in review. they stated they have everything they need and most likely will postpone. It is truly frustrating because it is a waiting game. I can not pursue a short sale at the same time of a loan modification review per Wells Fargo. If they deny me i will then fax them a listing and an offer from this investor who would like my home but for quite a bit less. i will be presenting the hud estimate etc as well. my concern is that it wont be enough time because the trustee sale is next week! being there is a bonified offer would they have to postpone or do they have a choice whether they choose to do it opposed to having to look at the offer etc.
Senator Boxers office states that they cannot put a trustee sale date while you are in review according to the Obama Home Affordable plan which is the dept i am in review. Wells Fargo states different. An attorney states the same as Wells. Boxer's office wants me to fax my loan number and they will help me. I dont know if that could harass the bank to the point that they will just not even review and just move forward with the trustee sale. When i told wells i was confused because of the info i heard with boxer's office they stated any interruption could backfire on me. I am in limbo.
i want the mod and had a third party helping me before and i was denied due to inaccessibility and took over my self . the third party didnt follow up as well as i do. even though i called as well as the third party. so it is not true that we were not accessible. I possibly hired the wrong person. at this late of the game i just need the postponement and possibly will then inquire if my financial statement is in the parameters that they require to qualify for a loan mod. i think it is.
Do you know if there is a certain about of days that they have to postpone if there is no decision. wells fargo wanted me to call the day before - i dont think so.
any info is helpful. This has been very stressful and frustrating.
Thanks

[snapple candy]

maureeng,
Dont buy there bs and fear tactics. I say get Boxer's office involved and see what they can do for you.

[maureeng]

Its unbelieveable. i called back a senior supervisor at wells fargo in the interest only dept (which is where we are in review) and asked for them to request a postponement. They stated that it has to be done 10 days before the trustee sale date. i told them that i did do that. they then looked at their notes and agreed. so now they are submitting a 2nd request but told me that it takes 72 hours. i then said what happened to the first request and then she said oops i sent this as a first request and now she said she cant amend that - but not to worry. of course they could deny you of the postponement and/or deny you of the loan mod the day before! so again its a waiting game., i guess the question is should i forget the loan mod altogether and submit the short sale stuff would a postponement then be available for sure. could they not care that an offer (short sale) came in . Do they have to review all short sales that come in prior to a trustee sale. of course depending on who received that info by fax could not submit it in a timely fashion and there goes the auction., i guess there is no solution here without waiting it out. the concern i have is my financial statement -debt to income ratio is high. i would rather stay in my home but it all would depend what they would modify to,.? i have alot of questions. the main one is do they have to entertain the short info or could they ignore it and move forward with the trustee sale? thanks for all your input.