Short Sale During Redemption Period
Can someone tell me if it is possible to process a short sale during the redmption period? Two weeks ago the bank gave me option of a short sale, but after I sent all the paperwork, and they orderd a BPO, they are saying its too late for a short sale. The redmeption period is supposed to expire in two weeks.
If the mortgagee/plaintiff was the successful bidder at the foreclosure sale, then it may not be too late. If a third party was the successful bidder, it's all over.
First they say, OK, make your application.... then they say, sorry, it's too late. This often happens when national mortgage loan servicers' different departments aren't communicating effectively.
Just asked Countrywide if they were willing to look at a short after the auction but before the confirmation of the sale and was told no. CW is notoriously difficult, though.
The Short Sale Pro, you are so right about the different departments not communnicating. Now I being told that by a differnt department that its not too late for a short sale.
Freshman Investor, I was dealing with Countrywide at first, but they wouldn't even do the pre-approval until we knew for sure the amount the mortgage company would accept.
If I were you, I would hold on to the person that said yes to the short sale. Do all you can to get him/her moving to accept the sale, and have it approved by a manager or any person that is in the position to approve it. Don't even call the other ones back. Take the yes and run. Good Luck!