Expert: Dick Dennis - 3/1/2006

Question
Hi.  I have been playing beat the clock trying to sell my house before the mortgage company could forclose.  They told me as soon as I get a contract, they won't send me from collections to foreclosures. I am 3 months behind.  I got a contract on 2/19 and faxed it to them.  Yesterday they told me it was going to foreclosure on 3/2.  I don't understand why they want to foreclose when I've sold the house.  It is contingent on financing, which looks good.  Already had an inspection and appraisal.  Can they stop me from selling my house?  Can they throw me out?  Why would they want to try to sell my house if I've already sold it?  The closing is April 19. How much time do I have between it going to foreclosure dept and actually foreclosing?

Answer
What you need to do Mary, is to call them again, only this time talk to the actual lender. Chances are you may have been talking to the lender's agent or attorney (depending on which state you're located). You must talk to the head of the foreclosure department of the bank or lender. Tell them you faxed them a copy of your purchase agreement. Better yet, send it via Express mail to the person who you talked to. You must not let this drop. A good idea also is to contact the lender for your buyer and have them help you. After all, he/she loses a commission in the transaction if the bank ignores everything you try to do. Unfortunately, in situations such as this, the left hand often does not know what the right hand is doing. Get back to me to let me know how you're doing.

I do wish you well.

Dick Dennis
dixiedee13@aol.com