Every company operates differently but it is important to know how each works in order to get the best possible results. As we process hundreds of short sales we come across situations all the time, as we are sure you do to, where you are misinformed about what is going on with the lender but not greater time does this make a difference than when you are discussing the status of a foreclosure sale date. Wells Fargo Home Mortgage’s representatives/counselors/negotiators will advise many times of a “scheduled” date for the foreclosure sale. It turns out though that like many companies that date in most cases is a projected date.
So what does “projected” date mean? Well, in every state the foreclosure process takes ‘X’ amount of time. The company when the foreclosure sale begin starts to calculate when they estimate the foreclosure sale will occur. This does not mean that this will be the exact date but that it may fall relatively close to it. In many cases we have also seen this date get bumped back time after time because of different delays or postponements done by the beneficiary.
So this is the problem, if you come to your lender and they advise you that you have a sale date coming up in December on the 10th, at Wells Fargo Home Mortgage, if this number shows up in a light blue it turns our that this is the projected date but if it turns to be a bright florescent green that means that is when the sale is actually going to occur.
Jonathan Katz started in the Loss Mitigation industry in early 2000's. He worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Through a work flow of 600 cases a month and several years of experience he created an organization in 2005 dedicated to helping homeowners. Now he is taking the next step and putting out the information that even professionals will benefit from.
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