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Foreclosures are proceeding

There has been copious news coverage regarding foreclosures and trustee sales by the money center lenders. Initially, several of the larger banks ( Bank of America, Chase, Citi etc.) halted foreclosures to review their foreclosure process in light of some “robo-signing” reports. Initially the foreclosures were stopped in some states, and then in all by several lenders. The lenders are now proceeding with repossession of defaulted property by resuming trustee sales. To that end, we wanted to keep you abreast of the latest developments. Please be advised;

                                                                     Foreclosures are proceeding.

 As it relates to your short sale and possible foreclosure, we will need to have your property under contract and the offer to purchase/financial package submitted to the bank a minimum of 10 days prior to any scheduled foreclosure sale. The majority of the banks servicing mortgages are not likely to postpone a foreclosure sale unless this timeline is met.

This timeline has been instituted by most banks to give them a chance to perform a valuation of your property and determine if the offer submitted is of “fair market value”.   If the bank feels the offer is workable they will, at their discretion, postpone the foreclosure sale (normally for thirty 30 days or later) so they have ample time to do a more complete review of the file. If the offer is not deemed to be at a fair market purchase price it is highly likely that the foreclosure sale will proceed as scheduled.

 Over the last year we have seen many changes in the lenders short sale process. The lenders have instituted several new policies and procedures while rescinding others. This policy could also change through time, and we will advise you of material changes as they occur. That being said, it would be prudent to assume the current policy will guide any decisions made regarding any postponement of a foreclosure sale scheduled for your property.