Question:

How can I stop a foreclosure sale date?

Answer:

You can’t really stop a foreclosure sale date, but can only postpone it. The outcome depends largely on each lender or servicer, but your sale date will definitely not be postponed without a viable and workable laon modification or short sale already in progress. Even then, postponement is never guaranteed. Preseverance and patience are needed in the postponement process.

While I have worked with a few servicers and lenders who will automatically postpone a pending sale date with a workable short sale or modification, that is rare. Most lenders/servicers require that a request be placed to postpone the sale date. Each lender/servicer has different criteria for these requests.

Bank of America, for example, requires a “request to postpone” be called in no more than five days before a sale date. Contact your specific lender/servicer as soon as you receive the forecosure notice on your door …

Being on either side of a short sale is tough enough, but at least one company appears to be outsourcing their work to employees or contractors who are based outside of the United States – creating a whole new layer of complications to the short sale process.

I encountered this when starting a short sale for a client in which I had to reach out to Ocwen Loan Servicing. Ocwen Loan Servicing, based out of Florida, services a huge number of loans in the U.S. Different than lenders, loan servicers don’t actually lend money for loans. In essence, servicers process the mortgage for a fee for the lender, making sure each loan is paid on time, assessing late fees and providing customer service, including processing loan modifications and short sales.

In starting a short sale for a client, I contacted Ocwen customer service to get general information on their document submittal process. To …

Those of you trying to purchase a foreclosed home using title insurers Old Republic National or Stewart Title may be in for an unpleasant surprise: the two companies have stopped issuing title insurance on certain properties foreclosed on by lenders due to questions over the procedural validity of the foreclosures.

Old Republic National title insurers first stopped issuing title insurance on homes foreclosed on by GMAC Mortgage and JP Morgan Chase. Then, Stewart Title stated that they wouldn’t issue title insurance on homes foreclosed on by the same two lenders, as well as Bank of America and OneWest Bank.

Some title companies worried

This is the latest fallout from the recent lender-foreclosure scandal, in which the procedural authenticity of a number of these foreclosures is coming into question. In a nutshell: Title insurance ensures that the property that you are buying is free from liens and other property issues so that the ownership …