Fannie Mae wont postpone Trustee Sale Date

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Real Estate Agent with Keller Williams Realty 01847956

Had a listing in a great neighborhood and finally got short sale approval on it.  The bank gave us until August 26th to close escrow or the foreclosure sale date is set for August 30th.  The cash buyer walked and Fannie Mae will not postpone the sale date.  We need an extension to get a financed offer in.  This property will sell..its in great condition and its move in ready.  Its in a beautiful neighborhood and next to great schools.  The buyer walked at the last minute.  Its so hard to understand why these banks wont work with us and postpone the trustee sale date...just so frustrating when you do everything you can to help the sellers and the banks just dont seem like they want to help.  Any suggestions?

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Rainmaker
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Vickie Slade
Steps Real Estate, LLC - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On

Anusha,

You would think it would be in the bank's best interest to try and work with you.  They stand to lose so much more if they proceed through the foreclosure rather than working with you on a short sale. I've head so many horror stories like this though. 

Aug 22, 2010 05:07 PM #1
Rainmaker
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Mark Peek
Roseville Rocklin Real Estate - Keller Williams - Roseville, CA
Peek Real Estate Group - Roseville CA Real Estate

Fannie Mae, Wells Fargo, Wachovia, and others have dropped the hammer on foreclosures.  REO agents are getting an increase in assignments now.  Here we go again.

Sep 22, 2010 11:24 PM #2
Anonymous
Vic Pillai

Hey Anusha,

If the banks don't pospone the sale date, you can postpone it at the trustee level while still continuing to work on a short sale or modification. It is a complex tactic that focuses on stalling the sale by focusing on the trustee sale legality. You can delay the sale for 6 months plus by using this process.

 

 

Dec 29, 2010 07:27 PM #3
Anonymous
Renechc

Can you postpone Trustee Ssale if you have equity in the property

May 25, 2011 12:10 PM #4
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Rainer
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Anusha Paramesvaran

Dedicated. Determined. Dependable
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