I am a real estate associate broker in Staten Island, NY. I handle very many short sales. I have seen people go 2-3-4 even 5 years without making mortgage payments. It really depends on the situation. I have to agree with a previous response by recalling, "the only thing consistent about short sales, is that they are inconsistent" I agree. Some folks are very educated and have learned how to manipulate the courts/banks/process involved in the foreclosing process, therefore "buying" themselves time to plan and hold off the foreclosure/bank for the longer durations.. Others simply do NOTHING, allowing the banks to move quickly through the courts & process a foreclosure much quicker, sometimes within 18 months.
In closing... "Different strokes for different folks" is the phrase I can most relate to this question.
Excel Realty Associates
Staten Island, NY 10302
The best phrase I ever heard during any of the multiple short sale training sessions I have ever heard is "The only thing consistent about short sales is that they are inconsistent!" In my experience, that's the most truthful statement I've heard. The timelines vary, and can be affected by many factors, including the communication you have with the bank's representatives.
A short sale could be an option. I always recommend that a borrower consult a real estate agent, an attorney and a CPA prior to moving forward in any non-payment situation.
Weâ€™ve added a new tool to our toolbox this week in our effort to provide superior solutions to our clients. Weâ€™re now providing a method to delay the trustee sale of a property for an
indefinite period of time. Itâ€™s NOT an unlimited period of time, just an
indefinite one that is significantly long. It doesnâ€™t cancel a foreclosure, it
just keeps the trustee from foreclosing while they meet the requirements of a
legality challenge. It only works in Trustee Sale states. (California is a
trustee sale state.) However, it can easily triple the amount of time that a
trustee can take to complete the foreclosure process. It doesnâ€™t work from the
lender side at all, it purely focuses on the trustee side of a foreclosure sale.
The maximum dollar amount it has worked on so far is for an $8 million property.
The trustee will eventually be able to finish the Trustee Sale but this has been used to delay the sale up to 41 months. The minimum time it has worked
is 6 months and 15 days so far. Thatâ€™s the minimum time so far itâ€™s taken for
the trustee to comply and then proceed with the sale.
A client may qualify if:
â– The Trustee Sale Date is 30 days or less from now
â– You have filed Bankruptcy, been denied for a loan mod or a temporary restraining
order was lifted
â– You need more time to facilitate a short sale, regular sale or loan modification
â– If you are renting from a landlord or losing your home that you want to stay in
A Trustee Sale Legality Challenge is only a TEMPORARY solution to keep the foreclosure sale date at bay.
We can use it to only delay the sale â€“ not cancel the foreclosure. It is a complex
tactic that focuses on stalling the sale by focusing on the trustee sale
legality. You can delay the sale for 6 months plus by using this method. This is
NOT an inexpensive route however, but itâ€™s cheaper than paying the mortgage and
prevents a sale without doing credit damage like a bankruptcy filing. It has
delayed sales for up to 41 months. We can use this as â€œinsuranceâ€ for a â€œlock
outâ€ of trustee sale while pursuing other solutions.
Just to make it perfectly clear:
We can ONLY buy time by utilizing a trustee notice of sale challenge to push off the sale date significantly into the future. Some other
method must be used to actually resolve the foreclosure! This is a good form of
insurance to make sure the trustee doesnâ€™t sell the property out from underneath
us while we are pursuing our final objectives.
We work all of the above solutions in conjunction with credit cleanup further down the line after our
clientâ€™s lives have stabilized. We have systems in place to help accomplish life
stabilization too â€“ mainly due to the fact weâ€™ve been down the foreclosure route
ourselves so we know how we fixed it long term. We also now know what we really
needed to know 20 years ago when we were going through all this ourselves.
Lighthouse Consulting Group
Web Reference: http://www.lhcginc.com
Luck plays a big part in the outcome. You're are really unlucky, you could be out of there as quickly as 9 months from today. Some clients that I know have been able to stay there without an eviction for 3 years and they're still in the house paying no mortgages or property taxes. Most that I know average a year to a year and a half. There are some things you can do to prolong the process without spending a lot of money but in most cases that lasted so long some type of litigation or bankruptcy filing is required.
Speak to an attorney who knows how the process works.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
most time wells fargo will call you harass you into leaving, Don't
Contact a Lawyer
Check your paperwork more often than not Wells has started foreclosures improperly.
All the best
Dave & Lisa