Short Sale vs. Foreclosure

[skyrim]

What is the name of your state (only U.S. law)?

New Jersey

Hi guys,

My loan is in the final stages od pre-foreclosure. Long story short I am upside down on the value, lost my job, tried to modify, couldn't afford it with the new proposed amount, then found another job, but it's too late to do anything at this point. The foreclosure date wasn't set yet and I have no idea how long do I have. Does anyone know the time frame between the stage the loan is in foreclosure until the date foreclosure actually happens? Weeks...months? Do they serve you with a date? How long do I have? Additionally: What is the better option: foreclosure or short sale? What are the key differences? What will happen faster? How long does short sale take?

Thanks in advance for all your input.

 

[FlyingRon]

If the bank will agree to a short sale and will not hold your responsible for the deficiency, it's better than having a foreclosure on the record. The problem is that it can be very difficult to find someone who is willing and able to buy the short sale in the time period you have left.

Have you received the notice of intent to foreclose? The foreclosure suit can't be filed sooner than 30 days from when that is sent to you. It however, can be filed much later. A second notice occurs 14 days before the final judgement which will become final if you don't respond. You can respond and possibly get another 45 days at that point to try to work things out.