No short sale if not listed by realtor for 90 days?

I just got off the phone with the Loss mitigation department, and they said they would not accept any offers if it hasn’t been listed by a realtor for 90 days. This doesn’t make sense since after the NOD letter goes out, the auction in AZ is about 90 days after.
Any comments?

which lender is it?

Its Country wide, but I was talkign to whatever debt collector works for their loss mitigation dept.

Their blowing smoke out their a–. I’ve done deals with CW, infact I have one in Chicago I’m doing right now. They held a $46k second and accepted a $1k payoff with no mention of ever having it listed.

If the person who told you that is the one assigned the case then you need to go over their head to their manager.

It’s not always easy to get to the person who is specificly assigned the case with CW. Unless you have a direct number you will always have to go through the screening people. Some of them like to think they know what’s going on, but their pretty clueless.

I also hope the person who sent out the short sales packet to the house isn’t the person I have to deal with. The guy I talked to the day before (before the authorization to release posted to the account) sound a lot nicer. I have his direct # and extension, but since he didn’t answer the phoen, I called back and got the next person. CW is the 1st, no 2nd. She owes 415K, has a 15K prepayment, and is 4400 behind, and will be more soon. The house is only worth 435k (she just re-financed with them). Even if she sold it through a realtor, she couldn’t afford to pay the realtor, which is another reason that lady’s comments sounded out of touch with reality. She had wuite an attitude even though I was really nice to her. I guess that’s the life of a collector!

there are two ways to get round it.

  1. you obvioulsy gave them a repair estimate, tell them the house isn’t marketable for retail.

  2. This is where you should have a friendly realtor on board. THe lenders that do require it to be listed do not state it must be on MLS. All you need is a listing agreement from them.

  3. depending on the days until sale you can argue that a realtor will not list it as there is only 90 days until foreclsoure sale.

most lenders will accept it if you explain.

green queen