Short Sales Help, Frequently
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The Most Important Thing Is To Realize That You Have Options And Not Give Up Hope! |
Every lender has its their own requirements, so this is general information
With this said, banks would much rather agree to a Short Sale than foreclose on your home. Banks are not in the business of owning real estate. They would much rather assist a homeowner in some other options rather than foreclose on your home. A foreclosure costs a bank between $35,000 to $50,000 dollars in legal costs, carrying fees, and other related costs. A short sale is a far better option for the bank.
What Kind of Hardships Do Lenders Consider?
- Death In The Family
- Divorce/ Loss Of Second Income
- Excessive Debt Obligations
- Inability To Pay An Adjustable Interest Rate That Increases
- Job Demotion or Promotion Denials
- Job Loss /Unexpected Unemployment
- Sudden Illness Or Medical Emergency
- Unexpected Major Home Maintenance Expense
How Will the Short Sale Process Effect Any Current Foreclosure Actions?
At the time the lender agrees to the short sale proposal, the lender may or may not choose to terminate or postpone the foreclosure. The submission of a short sale package/kit to the lender does not automatically stop a foreclosure action.
Once a lender initiates a foreclosure action, the homeowner should consider that the lender will most likely retain this position until the lender has a signed contract in hand, has agreed to the short sale proposal, and has closed on the sale of the property. A foreclosure may also proceed in the case of subordinate lien holders not having agreed to waive their lien on the property.
Because of the multiple stakeholders involved, and the complex nature of the regulatory environment, qualified, licensed counsel can be critical in taking steps to prevent a lender from not following through with the short sale process, especially in the case of a lender who has the intention of opting for a foreclosure-based resolution
On Average, How Long Does a Short Sale Process Take?
The time period will vary based upon circumstances, although the approval process and time to closing, in many/most cases, is longer than that associated with the sale of a property in a non "short sale" situation
For the rest of this article please go to
Short Sales Help FAQ, Part III
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To learn more about Avoiding Foreclosure click on one of the links below:
All Things Avoiding Foreclosure Help
Avoid Foreclosure Help Inquiry Form
Avoiding Foreclosure Help: Deed in Lieu of Foreclosure
Avoiding Foreclosure Help: The Home Affordable Foreclosure Alternative Program
Avoiding Foreclosure Respresentation Agreement
Avoid Foreclosure Relief - Small Steps Can Make a Big Difference
Understanding Robo-Signing, Part I
Understanding Robo-Signing, Part II
Understanding Robo-Signing, Part III
Loan Modification: How It Works
Loan Modification Under HAMP, Part I
Loan Modification Under HAMP, Part II
Loan Modification Under HARP, Part I
Loan Modification Under HARP, Part II
Loan Modification Our Services
Short Sales Help FAQ, Part III
Your Debt to Income Ratio Calculator
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Aging Parents and Conflict Resolution
All Things Avoiding Foreclosure
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