Dual Tracking, the lender
practice that occurs when the collection side of the bank pursues a foreclosure
while the lost mitigation department negotiates a short sale, is alive and well in the
Short Sale landscape. Our Short Sale paralegals work tirelessly to stay on
alert to attempt to stop any foreclosures that are scheduled while the short
sale negotiations drag on. (We're
actually stopping 10-15 foreclosures per month. In fact, our Short Sale
paralegals just stopped 6 foreclosures scheduled for April 24th alone!)
Dual Tracking causes anxiety
and high-blood pressure for all parties involved and is all too common when
dealing with this area of distressed real estate. In Virginia, foreclosures are
very easy to process and complete (No court approval is necessary).
The following is a list of what
the seller, realtor, and attorney need to do to monitor foreclosure
activity:
- The Seller needs to open all mail
from the lender and the possible foreclosure trustee (usually a law firm)
- The Seller needs to inform the
Short Sale representative of any mail received that dictates a Trustee
Sale date, particularly if the correspondence is sent via certified mail
- The Seller needs to answer all
calls from the bank and refer the bank to the attorney or realtor
negotiating the Short Sale
- All parties should continue to
review all legal foreclosure advertisements in the local papers
- The Seller's Short Sale representative should continue to ask the Short Sale negotiator if any foreclosure activity is currently scheduled
In a state like Virginia, it
makes no sense to spend thousands of dollars to start a foreclosure only to
stop it within the last week in order to continue the Short Sale negotiation.
Yet, we have come to learn that with Short Sales, nothing makes much sense. The
good news is that with the right tools in place, a foreclosure can usually be
stopped.
William D. Tucker, III
Tucker Griffin Barnes
Charlottesville, VA
434-973-7474
www.TGBLaw.com
www.VAShortSaleAttorney.com
Inquire@TGBLaw.com
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