ABN AMRO Says $5000 To Repeal Sheriff's Sale??!!
I just got a call from loss mit at ABN AMRO saying they didn't get the e-mail to Fannie Mae in time to stay off sheriff's sale after we submitted our SS package. They now say if seller come's up with $5000 we can continue with the short. I know I saw a post about this before, but I can't find it. Advice from someone who has dealt with this before would be appreciated. If I remember right from the post we should proceed like we never got the message or tell them the seller is coming up with the money or some excuse like that. PLEASE ADVISE!!
Does anyone remember the post that talked about this situation?
I don't remember the post, and each state differs, but I "THINK" the only option is for redemption within 30 days of the sale by paying all back payments. I assume the 5k would be for this.
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I don't have the definitave answer. It would depend on the amount of money to be made etc. If I thought it a scam then I would "politely" let them know that if sending the property to the option block for an uncertain return was in their best interests then they should pursue that venue. You will certainly attend as there might be an even better deal there
" Thank them for their time etc.
I have never once seen where being confrontational has done anything to close the deal.
I don't recall the post... however:
There is an old saying "Whatever isn't written is rotten."
Get it in writing. Then, respond by saying that IF the Sheriff's Sale is reversed, AND the short sale Proposal is accepted, you'll FedEx a non refundable, good faith payment of $5,000 within 24 hours of acceptance, and promise to close within 30 days....
The property supposably went to sheriff's sale on Thursday. Michigan is a redemption state, but always for the full amount. I've never heard of recinding a sheriff's sale for less than the full loan amount (135,000), let alone $5000.00. This $5000.00 would supposably recind the sale another 30 days. Has anyone been told they need to put money down in order to complete the short sale????
How did you get around it??? I'm not gonna throw them $5000 when they haven't even accepted my offer. Help!!!!!
Redemption and Recinding a sale are two different things. They cannot recind the sale, period. It's a judicial foreclosure, they foreclosed on the property, it sold at auction, it's done. Now, ONLY the property owner can redeem the property for full amount owed, plus court costs, etc. Might want to forget this property.
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