Menifee CA – I recently received a question from a client that was considering listing her home with me as a short sale. Here was her question:
“I would like to short sale my house. However, the foreclosure has already started. I don’t know how soon the bank is going to come and kick me out.
Can I still short sale? Or, is it to late?
Here is the answer to his Question. Yes. You can still short sale your house. It does depend on how far along you are in the foreclosure process.
You have to remember that the foreclosure process can take a long time. Lenders are getting more expedient and streamlinging their processes but in most cases you can expect on average about 6 months however we have seen foreclosure court cases drag out for 2-3 years.
Here is a pretty interesting perspective given by The Wall Street Journal:
“Ms. Campbell’s foreclosure case has outlasted two marriages, three recessions and four presidents. She has seen seven great-grandchildren born, plum real-estate markets come and go and the ownership of her mortgage change six times.”
Fortunately, you can short sale your house, even if the foreclosure has already started. As an experienced short sale agent I can tell you for certain if you have enough time or not.
You may have more time than you think. Average foreclosure timelines can double and triple. The foreclosure court system is overloaded and can’t handle the avalanche of files coming their way. If you have any particular questions you would like answered about your situation, I can certainly assist you. I will provide a complimentary consultation. And remember, there are no costs to you as a homeowner selling your home short. All costs are paid by your lender.
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