Foreclosure in 22079>Question Details

Lucas's Mom, Home Seller in 22079

I just got served foreclosure papers while waiting for a short sell to go through. How can I delay the process long enough to get this sale done?

Asked by Lucas's Mom, 22079 Tue Sep 29, 2009

Help the community by answering this question:


Kathy Stark’s answer
I have a short sale currently under contract waiting for the bank to approve the sale. About 2 weeks ago my client got a Foreclosure letter too. I call the bank and was told if they are working on a short sale they will hold off on the foreclosure until they make a decision on the short sale.
You or your Realtor should call the bank and ask how they handle this situation.
Hope that helps.
Kathy Stark
Weichert, Realtors
0 votes Thank Flag Link Sat Oct 3, 2009
Bankruptcy is the only sure answer to your question. I don't know if that's a good idea for you or not, but if you talk with Nora Raum, she'll be glad to conduct a consultation with you for only $150 and give you her very best advice. tell her Vicky Chrisner w/Keller Williams referred her.
Web Reference:
0 votes Thank Flag Link Sat Oct 3, 2009
I'm sorry to hear about your situation. Typically banks do stop foreclosure when you have a valid short sale contract. Sometimes the bank will proceed with foreclosure when there's no progress particularity in two loan situation. It's common for banks to close the short sale file after xx number of days so keep that in mind.

First thing is to make sure you or the authorized third party to call the bank and verify that they have the short sale package. If so then it should be ok. Some banks are so busy that they don't always have updated information. Last year one seller received a letter saying that the bank received the short sale package and then the next day a letter stating that the bank is foreclosing.

Right now I had 30 short sales under contract on the listing side so I deal with this all the time. It's a good idea to contact the bank on a regular basis. If you're missing mortgage payments, keep in mind that some banks will put your loan through their recovery department and depending on the bank this is not fun. So time to time, it's a good idea to make even a small payment to prevent the loan from going into the bank's recovery department.

Simon Hahn
Certified Distressed Property Expert
Certified Home Rescue Expert
0 votes Thank Flag Link Wed Sep 30, 2009
Is your home currently listed with a Realtor? Do you already have an offer?
Have your agent call the Short Sale department. Often if the bank knows you are working with a Realtors to sell the home, and you have an offer, they will hold off on the foreclosure.
Get all your documents together for the lender, banks statements, tax returns, paystubs, and letter of explaination regarding your financial situation and why you are a good candidate for a short sale.
If you don't have a Realtor give me a call:

Kathy Stark
Weichert, Realtors
0 votes Thank Flag Link Tue Sep 29, 2009
If you already have a buyer in place you can usually get your sale date extended until the sale gets approved. If you dont have a buyer yet, you should hurry up and get one. Just having your home listed is not going through the short sale process.
Web Reference:
0 votes Thank Flag Link Tue Sep 29, 2009
Hi Lucas's Mom-I'm sorry for your current situation. You really need to consult an attorney so you can fully understand your options, and how to execute those options.

Hang in there! Better days are ahead!
0 votes Thank Flag Link Tue Sep 29, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer