WHAT THE _________ DOES "LITIGATION STATUS" mean when you call in for a short sale update?

New one -

Anyone know WTF "litigation status" means?  

Pardon the "WTF" if you are offended but I hit a roadblock this afternoon with a SCHMUCK of a negotiator who said she could not even tell me what that means!!!!    

We can do NOTHING on the file while it is in this status and I am trying to see exactly what it is (I do have calls in to higher ups but figured I would check here as well).....

Any input is welcome, I am at Ben@ShortSaleShop.net if you want to buzz me off here.

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Comment by Marilyn Wells on April 1, 2013 at 2:02pm

I had this on one of my files. It is an internal code of some sort. Has nothing to do with "litigation". If memory serves me correctly this file it was assigned to a third party for BAC to process, REDC.  It took a while to get the mess fixed but we did close it under the Fannie mae co-op program.

Comment by Mike & Alison Orci on March 25, 2013 at 5:36am

Thanks for the heads-up gentlemen  I haven't experienced anything like this yet.  Glad to know about it prior to hearing about it from a negotiator in the middle of working a file, like Ben.  Let us know after you find out from the seller if they initiated any legal action (which you would think they would mention to the short sale agent if they did).

Comment by Ben Benita on March 24, 2013 at 4:55pm

Brett - appreciate you chiming in.

Came to find out on this file the homeowner filed an "TRO" (yep, that is Temporary Restraining Order) against Wells Fargo in an effort to stop her foreclosure.

Funny thing - IT WORKED!!!  Her attorney got a restraining order in place and the foreclosure was stopped back in November.

We have since been able to reach out to some of our upper level contacts to get this thing back on track, and have learned, as guessed:

"Litigation Status" 100% means the Homeowner has filed some type of lawsuit against the Servicer in order to prevent a foreclosure.

To get this "fixed" or "Cleared" so you can move forward on your short sale - you will need to reach out to the attorney the Seller has hired and coordinate with them.

I am guessing we will start to see more of this (we have come across it twice now in the last 30 days).

As always, be prepared and know how to get things done!!!!

To everyone, keep fighting for your homeowners (and your commission)!!!!

Comment by Brett Goldsmith on March 23, 2013 at 7:34pm

Ben,

        Seems like there may be some sort of lawsuit pending on this file. Litigation is basically just a fancy legal term for the practice of carrying a lawsuit through the court process. Just keep digging for the answers.

Brett@ishortsalenow.com

www.ishortsalenow.com

310-564-6389


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