For the month of May 2011, Herboso &; Associates will post one post per day highlighting the reasons why you should do a short sale before you lose your property to a foreclosure.

31 Reasons WHY 
YOU SHOULD DO A SHORT SALE BEFORE
ALLOWING A FORECLOSURE IN YOUR PROPERTY

Day #23 --Reason #23

AVOID PHONE CALLS FROM YOUR LENDER

STOPS YOUR PHONE FROM RINGING!

A Foreclosure is initiated by the bank when homeowners miss their mortgage payments and you are put in a conveyor of customers with missed mortgage payments.. Obviously the conveyor leads to just one thing. . a FORECLOSURE. 

What is the time-line when you miss your first mortgage payment?

This is just a benchmark directly from lenders guidelines. This is subject to change based on many variables. . Just be aware

- First payment missed: phone calls from lenders begin and the credit bureaus are notified 
- Second payment missed: phone calls from lenders increase; Notice of Default is recorded  and a 60-day delinquency is reported to the credit bureaus 
- Third payment missed: phone calls continue; account is managed by the lenders' Loss Mitigation Department and the homeowner is notified that the home will be sold at a public auction 
- Fourth payment missed: in most states, the property is auctioned and sold to the highest bidder at the county courthouse and the homeowner is evicted from the property 

The benefit in doing a short sale starts as soon as your real estate agent notifies your lender of your intent by sending them a letter of authorization so they can speak on your behalf.

DO NOT CONTACT BY PHONE!

STOPS THEM ON THEIR TRACKS!

We notify to your lender essentially that you do not wish to be contacted by phone and we are your buffer zone to take this calls on your behalf.

 Small benefit; it could be considered as a stress reliever by many. . Especially if you are in the receiving end....

 “Ignoring one phone call. .two.. . maybe three. . there is point when this becomes unbearable. .it doesn't have to be!  

The Realtor’s Realtor:

The biggest compliment I can have is when colleagues ( other Realtors) call on us to do their OWN short sales. . yes, we helped other Realtors avoid foreclosure as well