So what is “Dual
Tracking” as it relates to a West Sacramento Short Sale or Loan
Modification? Simply put, dual tracking is the process of the foreclosure
process moving forward while the servicer simultaneously is negotiating a West Sacramento Short Sale or Loan Modification.
Under the global settlementbetween the 5 largest lenders – (Bank of America, Chase, Wells
Fargo, GMAC / Ally, Citi) and the State’s Attorney Generals,
effective October 2, 2013 those banks can no longer pursue foreclosure while
they are working on a loan modification which includes a West Sacramento Short Sale. Effective January 1,
2013 it becomes law inCalifornia under the California Homeowners Bill of Rights.
This is huge news. One
of the most stressful things in a West Sacramento Short Sale is having to
fight a foreclosure sale date while negotiating the file. Previously the banks
are under no obligation to postpone the sale date even though it is usually in
their best interest to do so. Prior to October 2nd once that foreclosure train
left the station you were fighting a very defined time line to get your West Sacramento Short Sale approved before
the property was foreclosed on. Under the current agreement the West Sacramento Short Sale would have to be
declined before the foreclosure process could be initiated. What remains
unclear is those files already under consideration and if they will be
grandfathered in or not. I suspect it will take various escalations to Senior
Management before we get a determination.
Now, this does not mean
the banks are going to roll over and let the process go on forever. To initiate
the foreclosure process all they have to do is decline the file. No one says
they HAVE to grant you a West Sacramento Short Sale or Loan
Modification. If it makes financial sense the generally will but there are no
guarantees for sure.
Is a West Sacramento Short Sale Right for Me?
Give me a call and lets find out.
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