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The will not stop the foreclosure and allow me to sell the house
December 27, 2007
Although the property in Fredericksburg, VA is in foreclosure we have a contract and buyer. Yet, Chase would not extend or freeze the foreclosure so that we could continue with the Short Sale in order to sale the home. We have had a buyer since 5 December, but they will not work with us on the sale of the house, meaning extend or freeze the foreclosure for the short sale.
Related Entries
- I need to get a short sale approved, what do I do? - March 6, 2007
Comments
My sister just lost her home the was financed with Chase. She had a home equity loan and they claimed she was late on her payment,she had her taxes paid up and when she contacted them about the noticed of foreclosure they stated she had to be 3 months behind before they would help unfortunately they didnt help her, they took the home even though she had thousands in equity and sold it to an investment group. Any help or advice would be appreciated.
You technically don't have a buyer if the bank won't approve the short sale. If the bank approved the short sale then you wouldn't be having this problem so I assume that is whats going on. You can't just short sell your house unless the bank approves it and some banks are better about it than others. They basically need to decide what the better deal is so in this case they must think they can get more money selling it on their own attheir own price vs. selling it at the price you negotiated with your buyer.
My home was sold by in foreclosure on 10/28/09. How come VA does not have a redemption period. I informed the realtor I had started working with that I received a notice of default letter dated 9/25/09 on 9/30/09 stating I had 14 days from the date of letter to pay balance of loan and he stated I still had time to work with him. On 10/31/2009, I received a certified letter stating the home was sold. I admit I did not read or receive all notices in time to solicit help from someone. It all happen so fast. People kept telling me that it could be nine months or more before I would even receive a foreclosure notice. I spoke with BOA in July and told them I wanted to do a short sale. Now, VA does not allow a redemption period. My finances was just not together. Loan modification companies were going on my gross income and would not work with me. Does VA ever consider a redemption period?