Foreclosure in 08753>Question Details

Teresa, Home Owner in Ocean County, NJ

Once Im farther into the foreclosure process can I change my mind and do a short sale if I weaken and decide its all too much?

Asked by Teresa, Ocean County, NJ Sun Sep 30, 2012

Help the community by answering this question:


William Troy’s answer
That will depend on a few things. It will depend on the bank, rep you have been dealing with, picking the right realtor to sell the home quickly, that realtor being able to get a quick offer, the negotiator being assigned to the file and the proper file being sent. I have stopped foreclosure 3 months into the process all the way until the week of sheriff's sale. All the items above need to line up in order to do something that late. I am not sure why you would want to put yourself through the foreclosure vs. a short sale or other options I can help you with. The foreclosure impact vs. short sale impact on your credit report and future credit is a huge difference. Give me a call or email and I will discuss with you based on the bank and other circumstances.

It depends on the Landlord and the tenant on a case by case basis. I have had Landlords that were in the most secure jobs known and they lost their job so unless you work for yourself there is no such thing as a guaranteed job right now. However I have some Landlords that want a particular credit score, others look at the situation. They will review the report to see if you were late every single month for 7 years, every other month for 7 years or just recently over the past 2 years or so when something happened. They will then look at the big picture and make a decision. Others will just say yes or no. Case by case basis is the best I can say. If you need any help feel free to contact me. By the way, a short sale or deed in lieu will look better on your credit than a foreclosure. Call or email me to discuss since this is an area I have a lot of training in.

William F. Troy
REO/HUD Director
Pre-foreclosure Specialist Mastery Certification
RDC PRO, SRES, e-PRO, CDPE, Luxury Home Team
Veltri & Associates Realtors
121 Washington St.
Toms River, NJ 08753
Office-(866)483-5874 ext. 422
Cell- (732)600-1570
Fax- (732)557-6425
1 vote Thank Flag Link Sun Sep 30, 2012
If you are even thinking short sale, you need to contact your bank immediately and see if you qualify. Not all sellers do. Banks are foreclosing on properties much quicker than they were even 2 years ago. Start the process now. If you don't follow the instructions/guidelines for the short sale the bank will inevitably foreclose anyway, if you are not paying your mortgage.
Web Reference:
0 votes Thank Flag Link Mon Oct 1, 2012
You might want to speak to Mr. Troy sooner rather than later if the foreclosure action has already started. I have had some clients with the expectation that the foreclosure process will take 2 or three years and were surprised with a sheriff sale notice within 12 months.

Lenders are foreclosing now that the moratorium has been lifted.
0 votes Thank Flag Link Sun Sep 30, 2012
This would be a good question for your Bank's LOSS MITIGATION DEPARTMENT; not us.
You may not have any choice in the matter.
0 votes Thank Flag Link Sun Sep 30, 2012
I find it hard to believe that a bank can make me do anything. If an owner wants to walk away, they just walk away. Ive never heard of a bank saying "you have to foreclose" or "you have to short sale". At least not here in NJ
Flag Sun Sep 30, 2012
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