Short Sale

[tony.b]

What is the name of your state Florida?

I'm 6 months behind my mortgage and was just served with foreclosure papers after trying for months now to work with the mortgage company. My sister who is a licence Realtor told me to do a Short Sale,can I still do a Short Sale?

 

[justalayman]

that is completely up to your lender

 

[STEPHAN]

Usually yes. Who is your lender? What city?

 

[justalayman]

Usually yes. Who is your lender? What city?

while it may be possible, if the foreclosure suit has already been filed it is unlikely. Additionally there is not likely to be time to engage a buyer and obtain acceptance from the lender for any particular sale.

 

[STEPHAN]

I have bought a few at that stage in FL, one the day before the scheduled foreclosure - of cause in coordination with the lender.

 

[justalayman]

I have bought a few at that stage in FL, one the day before the scheduled foreclosure - of cause in coordination with the lender.

but you were the buyer. OP is the owner and apparently hasn't even started the process of marketing the home. While not impossible, I would think it quite tough to get this going before the foreclosure hits the courts.



He might contact the lender to ask about the possibility. They may delay the foreclosure to allow for it if they believe it could bring in an adequate amount of money.

 

[tony.b]

Usually yes. Who is your lender? What city?

Wel Fargo

Sarasota Fl

 

[tony.b]

that is completely up to your lender

They had said I can do a Short Sale if I wanted too but they also said they cannot guarantee it be approved.My sister is a local Realtor and told me I can still try a Short Sale but it would take 3-6 months possible longer to close and I didn't need approval from the lender,from what I heard this can take anywhere from 12-24 months to go though the courts.

 

[STEPHAN]

Wells Fargo can be quick on a short sale approval.

You DO need their approval; the court has nothing to do with a short sale.

 

[justalayman]

tony.b;3290896]They had said I can do a Short Sale if I wanted too but they also said they cannot guarantee it be approved

that's good news for you

.My sister is a local Realtor and told me I can still try a Short Sale but it would take 3-6 months possible longer to close and I didn't need approval from the lender

,Your sister is wrong. You are asking the lender to accept less than the full amount of what you owe in order for them to release their security interest from the property. They have no obligation to do so. They do not have to accept a penny less than what you owe them to release that interest.

from what I heard this can take anywhere from 12-24 months to go though the courts

I'll take your word for that but to me that sounds way too long.


a word of caution:


a short sale does not mean you do not owe the remainder of the debt unless specifically written as such. Make sure any short sale the lender accepts not only releases their security interest but absolves you from any further liability to them as well. Some people are quite surprised to discover that the release of interest and owing the debt are two very separate matters.


just a quick look suggests the foreclosure could take even longer than what you stated. One site says the average time is 935 days (2 1/2 years)

 

[tony.b]

that's good news for you

,Your sister is wrong. You are asking the lender to accept less than the full amount of what you owe in order for them to release their security interest from the property. They have no obligation to do so. They do not have to accept a penny less than what you owe them to release that interest.



I'll take your word for that but to me that sounds way too long.


a word of caution:


a short sale does not mean you do not owe the remainder of the debt unless specifically written as such. Make sure any short sale the lender accepts not only releases their security interest but absolves you from any further liability to them as well. Some people are quite surprised to discover that the release of interest and owing the debt are two very separate matters.


just a quick look suggests the foreclosure could take even longer than what you stated. One site says the average time is 935 days (2 1/2 years)

Okay thank you for the help and information,I think ill go ahead and try a Short Sale and hope for the best.