Being in Texas, a.k.a a 21-day state, it can often be difficult to get a foreclosure sale date postponed with some lenders because there is very little time available to get it done. Since the lender has to post the notice of foreclosure AT LEAST 21 days prior to the actual foreclosure auction date, most of them wait until the last minute leaving very little time to obtain a buyer, submit the short sale package, have it set-up, and get the postponement of the sale date requested. In some cases, it can be downright frustrating.
In the case of Chase however, they have a fairly new department available to help the short sale department get through the tons of information they get, so that things like postponements can get executed….and most people don’t even know it exists. It’s call the “List-Assist” department and I can honestly say, it works!
We have a file in our office right now that had a posted foreclosure sale date of September 7. There were some challenges getting the short sale set-up in the loss mitigation department, so we asked for the help of the list-assist folks. We worked DIRECTLY with a representative from that office to ensure that all of the necessary documents were in place, we even updated a few of them for her just to be sure there wouldn’t be any reason to deny our request. The representative answered the phone each time we called, she followed-up with us after receiving documentation, and submitted the request for the postponement of the foreclosure, which was approved.
Its a reality of short sales, the loss mitigation departments that handle them are extremely overwhelmed in most cases, and often when things are “lost” or “misplaced”, that becomes the reason for why a foreclosure sale cannot be stopped. The next time you have a Chase short sale and are running into some challenges with set-up, request to talk to a representative from the list-assist department, be extra nice, and get the results you need.
I’m happy that all foreclosures are currently stopped. The process is way too complicated and unpredicatable. With this economy and the hope for homeowners plan, the banks and the homeowners should be able to work something out. However i’m pretty pessimistic based on the actions of these banks to this point.
Yes, it’s hard to find any “good” with the banks any more. I could go on all day about various ways the lenders generate “smoke and mirrors” for their benefit. We have to keep on fighting and working to clean up the mess best we can.
Thanks for commenting!