Has anyone had any experience in working out a loan modification or short sale with their lender who has foreclosed after the Tr
Submitted by rhamby on Fri, 05/02/2008 - 1:31pm.
I have already secured an approval to short sale another property with the same lender and i was trying to postpone the Trustee Sale on my personal residence to try to work something out and they went forward with the TS anyways after several attempts and requests.
Comments:
Yes, if the property was not sold to a 3rd part the trustee and lender can set aside a sale reinstating the existing loan. This can and does happen. Be sure to have a very compelling offer when you do this (ie some cash to bring them current, and proof you can make the payment going forward). Also be very careful that any funds you send can't be kept without setting aside the sale - you definitely want something in writing.
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