When will the foreclosure be halted with a SS?

[hillaryg]

We had a NOD filed April 2nd and then put the house up for SS. We got a full cash offer OVER asking price. They have done their appraisals, inspections, and are not an investor. The bank has approved but we are waiting for the paper for it I guess. It should be going into escrow ANY day... we have already moved.
We just got a paper taped to the door for the trustee sale being Aug 6th. Anyone know if this will be stopped?? I thought once you put it up for SS they halt it!
I want escrow to close so I can get my money!!!! (and be done with it)

[Evan Bedard]

We just got a paper taped to the door for the trustee sale being Aug 6th. Anyone know if this will be stopped?? I thought once you put it up for SS they halt it!
I want escrow to close so I can get my money!!!! (and be done with it)

Unfortunately, foreclosure proceedings are not always placed on hold when applying for a short sale or loan modification. However if the SS is getting close to completion they should put the foreclosure on hold until the sale is finalized. But keep in mind that generally most lenders cannot do so until at least 7-10 or less business days before the sale is due to occur. Also when going through a short sale you are selling the property for less than you owe on the mortgage so the seller usually ends up with $0 once the transaction is complete.

[hillaryg]

Unfortunately, foreclosure proceedings are not always placed on hold when applying for a short sale or loan modification. However if the SS is getting close to completion they should put the foreclosure on hold until the sale is finalized. But keep in mind that generally most lenders cannot do so until at least 7-10 or less business days before the sale is due to occur. Also when going through a short sale you are selling the property for less than you owe on the mortgage so the seller usually ends up with $0 once the transaction is complete.

Oh the money I meant is the cooperative short sale program b of a is paying us i know the seller can't get anything besides that

[Evan Bedard]

Oh the money I meant is the cooperative short sale program b of a is paying us i know the seller can't get anything besides that

Yes that is true sorry about that, they should provide a few thousand for relocation assistance once the short sale is completed.