Asked by home search, Las Vegas, NV • Thu Feb 28, 2008
sellers agent had already submitted a shortsale package to the lender for approval however the lender has not responded on that yet. So, we do not know if the bank will agree to do a short sale or foreclose the house. The lender will not accept any other offer at the meantime even though the sellers agent is holding better offer than the initial one presented. Is this normal procedure for the bank/lender? How long is the time frame for a homeowner once at default before the bank will foreclose the house. the time frame banks give before they take the house back. Does it take over a year ? What is the longest time span? Thank you.
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