Consider a Short Sale Before a Foreclosure
Ideally the decision to list your property as a short sale with a short sale realtor would be made BEFORE a lender begins the foreclosure process on your home. The time before a foreclosure occurs is also known as a pre-foreclosure, Alma Korshak said.
A short sale is often referred to as a pre-foreclosure process, said Alma who has been processing short sales for over seven years.
Short sales are complicated and sellers should not be afraid to ask for help. It is much better to pick up the phone and ask for help from a person who works solely with short sales when you do need help and answers.
Alma understands what it takes to negotiate a short sale especially when a pre-foreclosure or a foreclosure is involved. It’s difficult for homeowners to realize that ALL short sales are different. All foreclosures are different. Just because a homeowner says at the last minute that they will do a short sale doesn’t mean that it can happen.
Call Short Sale Facilitators to get the answer to that question.
“You bought your home for a different amount, using a different lender, owe different amounts, have different loans, liens, credit, financial and income,” Alma said. “Your home mortgage is an entirely different situation from a friend, a neighbor, a family member. Please, don’t assume that a situation is the same, because it isn’t. Your financing is unique to your home.”
Don’t Wait Until it’s Too Late
If you know you cannot make your mortgage payments, then seek help sooner rather than later. You can sometimes, based on your particular situation, possibly list your property as a short sale if you are in what is known as a pre-foreclosure.
A pre-foreclosure is where the foreclosure lawsuit is not yet filed, but you may have received many, many notices from a lender that if you don’t pay what is owed, the issue could become a lawsuit to receive the money for the property.
If you know you’re late on payment by even a month…This is when you consult with Short Sale Facilitators to find out if short sale is an option for you you. It is but it is best to do this as early in the foreclosure process as possible. You realize a foreclosure lawsuit is in the works. You may have already received a lis pendens.
When a foreclosure and short sale are both in progress, handling the paperwork and staying on top of all the details is extremely important. The lender must be informed throughout the process. The more the lender knows about the status of your short sale, the better. That’s where Short Sale Facilitators’ strong negotiation experience is crucial in the success of your short sale.
“We have to monitor the foreclosure with the short sale lender,” Alma said. “Once we get the contract and it is under contract and there’s a foreclosure sale date, our job is to monitor that foreclosure.”
Unfortunately, there are some cases when the lender cannot or will not postpone the foreclosure. After the courts have established a foreclosure sale date, there may not be enough time to get the foreclosure postponed. Most lenders need a good thirty days in order to start postponing a foreclosure sale date.
“We can’t work miracles but we will monitor that foreclosure and speak with the short sale lender and ask them to please postpone it,” Alma said.
If your home is in foreclosure and you are considering a short sale, call the office of Short Sale Facilitators. The process will be explained in a way that is easy to understand. A checklist will be provided that explains the paperwork needed so you understand your role in the short sale.
It is important that sellers stay involved in the short sale of their property. You must provide all the documentation required before Alma and her team can negotiate your short sale. Once you turnover all the paperwork, they will negotiate with your lender for the best outcome possible.
Understanding your options can help minimize the stress involved in a short sale. The idea of losing your home is difficult and the team at Short Sale Facilitators understands what you are facing. Call 321-397-5505 to schedule an appointment to discuss whether a short sale is a possibility for you.