Home Loans and Support

Bank keeps postponing the auction

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by heyitsme, May 14, 2011.

  1. heyitsme

    heyitsme LoanSafe Member

    Hello all! First post after about a a year and a half of lurking. We are at the end our our strategic default with Wells Fargo in the East Bay, CA. Our original auction date way March 23, 2011 and it has been postponed 3 times since then. The property is a condo purchased for $405K in 2005 and worth about $230K last we checked.

    We WISH the bank would just get over with the foreclosure process. We never tried to extend the process, never attempted a short sale, never intended to do anything but just walk away from a bad investment.

    Has anyone else been stuck in this foreclosure limbo? How many times was your auction postponed? Were there reasons your bank didn't want to take possession of the property? Is there anything I can do to move the process along?

    I would REALLY like for the next auction date (May 25) to stick.
  2. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Call 1-515-324- 6977 and tell Lance Roberts to get on with it. Tell him I sent you. He knows me real well.
  3. TerryC

    TerryC LoanSafe Member

    Oh yes, I can relate! WF has postponed the sale every 30 days since Jan 2011. I too wish they would just get it over with. Every time they postpone it they send me 3 or 4 registered letters that say the same thing. With all that bailout money I guess they can afford it.
  4. Hanover

    Hanover LoanSafe Member

    My auction date was April 4th and then they cancelled it. So far I've heard nothing and we've gone back to the old house THREE TIMES and our keys still work.

    My servicer has gone completely silent and that makes me worry a bit.

    I check the county clerk's deed site every day hoping to see some sort of movement.
  5. heyitsme

    heyitsme LoanSafe Member

    thanks everyone for your insight. It's always nice to know you're not alone! We go back peridoically to pick up some things we thought we didn't want and we're always surprised that we can get in, and nothing has been posted to the door. In fact, nothing has ever been posted on the door, even after we received the first notice of trustee sale.

    Has anyone been postponed for over a year? I keep reading that in California, the auction can be postponed for up to one year, but what happens after that?

    Anyway, I'm going to call wells fargo today to see if there's something I'm doing (or not doing, more likely) that's holding up the process. I suspect they are delaying taking back the property because it has a pretty high HOA fee attached to it. This is just my speculation though. I really hope it's not the case and they're just backed up on paperwork or something.
  6. heyitsme

    heyitsme LoanSafe Member

    UPDATE: I just called both Wells Fargo and the Trustee company. Wells said it was first postponed because we were under review for a loan modification. She mentioned something about HAMP and active miltary status (we have never applied for a loan mod or hamp and neither me or my husband is in the military).

    The Trustee only had info on the last postponement, saying they were waiting for a document from the lender which they have since received. I asked if there is anything holding up the auction set for next week and they said no, it should go as planned.

    WELL who knows if they're lying or what's going on, but I'll call again the day before the auction to make sure there's still nothing holding it up, then the day of the auction to see what actually happened.

    Holding my breath!
  7. staircase

    staircase LoanSafe Member

    This thread is my greatest fear. My personal timeline is a year. That might not be BofA's timeline.
  8. heyitsme

    heyitsme LoanSafe Member

    well today was the auction date. i'm not sure what happened because i was out all day. i called wells fargo and in the past their away message told me my property was in foreclosure and gave me the auction date. today it just told me the offices are closed and to call back during business hours.

    we've been getting bombarded with "save your home!" robo-calls since about 5pm, which leads me to think the auction was again postponed. I'll call the trustees tomorrow to find out what happened, and post what I find out here.

  9. heyitsme

    heyitsme LoanSafe Member

    I just called the trustee and the auction went through yesterday! Ownership reverted to the beneficiary or whatever. we are FINALLY FREE! thus ends my relatively pain-free walk in San Leandro, CA! I'm sure there will still be some tax forms we have to deal with and such but we are finally done!

    Not sure if calling and telling the bank and the trustee that we had no intention of trying to keep the place helped move the process along at all, but I did feel better just being open and clear to them about what we wanted to do. Also this was our 3rd postponement so maybe they didn't want to go through the trouble of filing another NTS.

    Good luck to everyone out there in auction-postponement limbo!
  10. jayguy0710

    jayguy0710 LoanSafe Member

    Congrats heyitsme, sounds like you got the outcome you wanted. A quick question for you since I didn't see it in your other posts: when was the last payment you made? Wondering how long it took, missed payment to sale date. Thanks and good luck with your upcoming move and potential C4K offer!

  11. heyitsme

    heyitsme LoanSafe Member

    our first missed payment was April 2010 on our first, May 2010 on our 2nd (HELOC). We received our notice of default in November and our Notice of Sale on March 3, 2011. The auction was originally set for April 5 and was postponed at least twice, I THINK 3 times. Final auction date was yesterday. So about a year and a month from first missed payment to auction.

    Also, we have no chance at C4K since I TOLD the bank we were moved out to try to speed up the auction process. It was more important to us to have the thing off our hands than to get the extra cash. Plus I don't have the time to clean out the place. We're THRILLED with the outcome of all of this. Also we pretty much ignored every call and letter. We sent one of those request for info letters when the 2nd was sold off to some other company sometime last fall and they tried to collect payment. That's about all the effort we put into this thing, except for moving.

    Good luck everyone!

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