Working on Loan Modification - Property Sold on Auction - Foreclosed

I was recently contacted by a client in regards to his property and going through a short sale. I conducted research on his property and noticed that his Lender/Bank had a scheduled sale date/foreclosure date within a week. I immediately advised the client to contact his lender or start the Short Sale process with us so we can get the sale date postponed or even cancelled.

The client stated that he only contacted me for information and that he was already working on a Loan Modification.

I reiterated that he should contact his Bank/Lender to verify the scheduled sale date and ask about his modification.

The client stated with confidence that he had everything under control and that he had just sent some paperwork to his lender regarding his loan modification. He ended the conversation not knowing what he was about to encounter in a few days.

Two days after the sale date had past, the frustrated client contacted me and stated that someone had posted a note on his property to vacate do to foreclosure and a new owner had purchased it at Trustee Sale.

I would like to take a moment to explain to all who are facing foreclosure. If you have a scheduled sale date on your property, please make sure your attorney is aware of the sale date. Or if you are handling your own loan modification be advised of all transaction dates taking place with the bank/lender.

I come across many clients that are under the impression that the sale date is automatically postponed because they’re in the process of working on a loan modification. THIS IS NOT THE CASE!

If the client who had initially contacted me, had started the short sale process with California Home Assistance, we would have avoided foreclosure. California Home Assistance would have had him stay in his property longer and also get him $3000 for moving expenses.

If you are facing foreclosure, please help yourself avoid foreclosure by contacting California Home Assistance at (800) 910-2818.

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