how long can your home be up for short sale before the mortgage company forclosures?

Asked by Touris Rochelle, Miami, FL Thu Jun 19, 2008

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Linda Slocum,…, , Santa Clarita, CA
Thu Jun 19, 2008
Foreclosure auctions are often postponed by the banks when they know that there is either a short sale in process or the home is listed with a Realtor as a short sale. There is no guarantee that this will happen, so be sure to keep in touch with the bank's foreclosure department as well as their short sale department. The foreclosure process can take several months, so be sure to watch your mail for any updates from your bank.
1 vote
AJ Heidmann, Agent, Arlington, VA
Thu Jun 19, 2008
Here in Virginia it appears to be corrulated to how many months behind you are and if you are making payments. This is a non judicial state, so the mortgage company doesn't need to go to court prior to foreclosing, just file the appropriate paperwork in the land records department.
0 votes
Ross Hamilton, , Wilmington, NC
Thu Jun 19, 2008
In this market, there really is not an answer to that question. My only advice is when you call the bank make sure you are speaking with the loss mitigation department and not collections. There are many tricks that can delay a sale.
0 votes
Troystaten, Agent, Alameda, CA
Thu Jun 19, 2008
Just to add on to the previous answer, it helps if you have been in contact with your lender as well. The worst thing to do is to ignore the problem. Lenders don't want to foreclose so if they know your are actively trying to sell your home they may give you more time.

0 votes
Bruce Profsky, , 11234
Thu Jun 19, 2008
believe It or not depending on the bank and your local market it could be years
0 votes
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