Bay Area

[Caterer]

Do CU's differ from banks with respect to the ss - foreclosure process?  If so, how? 

Fake short seller has stalled the foreclosure by filing bankruptcy.

[Curmudgeon]

The potential difference is that the credit union may be less experienced in the process (for better or worse), but they also may be less buried in piles of foreclosures and therefor able to deal with paperwork in a more timely manner.

[norcalnative]

CU is still a Bank - the process is exactly the same. Level of experience of the handler can vary regardless of the note holder. Some Banks and CU's pending property value or owed amount on the note - farm the property out to local RE offices which might handle everything from getting the property back up to snuff and selling it - to simply just selling it.

I had a family member who actually was the RE office contact for local banks - she handled the repairs of damaged properties within a given budget - then handled the listing and sale process for the Banks - which ranged from your usual suspect Banks to local Credit Unions. Simply put in cases where the Bank didn't have interest or time or the skill set to manage the effort they simply farmed it out to her office to handle.

Short sale is just that Regardless of who holds the note - it still follows the same process.

[Caterer]

Thanks for the replies.  I was hoping to hear that CU's may move a lot faster than banks due ownership and volume.

[El_Katz]

If it's a credit union, you may have a better chance of talking to a human.....  I can actually talk to the CEO of the credit union that owns the note on my daughter's house.  The beauty of a small finance institution.  Another bank we deposit with actually sent out a "Christmas card" - not a  holiday card - but a Christmas card along with a small "fruit of the month club" from Harry & David.  I can walk into that bank and talk to the Chairman of the Board if I so choose.  They have the highest reserves of any bank and a stellar rating. 

As far as I'm concerned, BOA, Wells, Chase, and the whole lot of them can go straight to h ell.  The less money I pay/deposit with those goniffs the happier I am. 

[buyinghouse]

  Are there still some short sales that are not short sales anymore as the note is less than what people are paying for any given property?

[Caterer]

Just learned that house is scheduled for auction next week.  2 of the 3 notices have already run in the newspaper.  The 3rd notice is set to run next week, day before auction.

So does this mean that the seller's bankruptcy has ended?  Any insight greatly appreciated.

Thanks.

[tjh]

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Caterer wrote:

So does this mean that the seller's bankruptcy has ended?  Any insight greatly appreciated.

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Not necessarily.  This could get complicated.  And, fast.

On the other hand, the bank might sell the note right out from under the owner.  And, someone might end up with a note and home free and clear. if they play their cards right.

[TerriM]

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Caterer wrote:

Just learned that house is scheduled for auction next week.  2 of the 3 notices have already run in the newspaper.  The 3rd notice is set to run next week, day before auction.

So does this mean that the seller's bankruptcy has ended?  Any insight greatly appreciated.

Thanks.

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Sounds like things are moving forward despite the seller, but they might still be able to get things reversed.  Don't know.

Can you buy the house at auction?  I've always wondered if people do that--tour the house when it's on short sale, then buy it at auction.  At least you know vaguely what you're getting into.  You might be able to bribe err.... convince the owner not to wreck the place on the way out by offering then money if it's left in good condition.  Or at least it's a thought--I wonder if it's work.

[Caterer]

Buying at auction is definitely not for me.  I toured the house a few months back and put in an offer lower than what the seller was willing to take, but what I felt the house was worth.  It was then that I learned that the seller was in no hurry to sell and the plans to just ride this whole foreclosure bankruptcty stalling thing out.  House is grossly outdated: original 1970 everything down to carpet and drapes. Although the furnance and hot water heater did appear updated but not new  No telling what the inspection will reveal.

Things appear to be moving.  Hoping I can purchase from bank.