Short Sale Process
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What is a short sale?
A Short Sale is a Lender’s voluntary acceptance of less money that is owed to allow you property to be sold as an alternative to foreclosure.
Why would a Lender approve a Short Sale?
If the Lender believes the Short Sale is better than they would net if they took your property back at foreclosure and sold it themselves, they will most likely approve the Short Sale. The cost of taking a property back in foreclosure are tremendous for the lender, including accrued interest, attorney’s fees, listing charges, and Maintenance cost.
How do I know if I qualify for a Short Sale?
If you are behind on your mortgage payments, you may qualify for a Short Sale. We will look at your situation, your property, and your loan information to determine for you if there is a good chance of getting a Short Sale approved on your house. Ultimately, it’s up to the Lender to decide whether or not they are willing to accept a Short Sale.
Why should I pursue a Short Sale instead of letting it go to foreclosure?
To prevent having a foreclosure on your credit history! Also, if you let your house go to foreclosure, you still owe the difference between your mortgage amount and what the Lender is able to get for your house. The arrearage, interest charges, legal fees, listing charges, and maintenance costs incurred while the Lender is trying to sell the house all increase the amount you would owe. Debt collectors can chase you for years for the deficiency. With a Short Sale, the difference is forgiven and you walk away owing nothing.
How much time before the Lender forecloses and I have to move?
Short Sales are unpredictable and as such, we are unable to guess how long one may take. Sometimes they are done in a matter of weeks, and sometimes it take a few months. If I am successful at getting a Short Sale approved, you will have until closing to move, although you should begin looking for an alternative living situation immediately. If I am unsuccessful at getting a Short Sale approved or you decide to forego a Short Sale and let the house proceed to foreclosure, you will have you will have to move out by the scheduled foreclosure date.
