Has anyone recent experience handling short sale documentation with such a short time from the Notice of Foreclosure to the date of the Auction on the courthouse steps. I don’t see how it is possible to get everything done in compiling an accurate package including the time for the BPO to happen. I live in Texas. Thank you…
Texas is a Judicial and Non-Judicial state. Most properties are foreclosed through Non-Judicial means.
The process requires a “Letter of Demand” be sent to the borrower stating: “The borrower has 20 days to pay the delinqent payments or foreclosure proceedings will begin”.
At a point past the initial 20 days (After Expiration) but at least 21 days prior to the foreclosure sale, a “Foreclosure Notice” must be filed with the County Clerk, mailed to last known address of borrower and posted on the County Court House door.
The whole process is an average 60 days, but yes public notice is minimum 21 days prior to sale.
I think the lender (Bank) must order a BPO at the initial “Letter of Demand”.
A lender can stop the foreclosure process and delay the foreclosure if a legitimate “Short Sale Offer” is submitted and it is reasonable and worth the lender pursueing.
Check your state statistics for average discount excepted on foreclosure properties? (Below FMV)
I havent checked stats but have heard from reliable source 82 percent of FMV is generally acceptable…