Some writers to my blogs have commented that "they don't have time to do a short sale". The reasons they think they don't have time can vary - usually it is because they are already in a mortgage foreclosure, and some said that they are leaving the area to a new life in some other state or even some other country.
Timing on a short sale is important, but it is only too late for a short sale when the foreclosure sale at the courthouse steps has already occurred. Judgments of foreclosure result in a foreclosure sale - but unless the property is worth more than the mortgage being foreclosed, the bank will probably rather have a short sale occur than take the property into REO status on its books.
Leaving the state or even the country is no excuse or bar to proceeding with a short sale. Even if you are going to a place with no phone, fax or email, a short sale can occur. Obviously, if you are reachable by phone and Fed Ex or DHL can get to you, you can be part of the sale and sign documents, get them notarized, and communicate with the broker and your attorney. If you are not reachable, then before you go be sure to give someone your Power of Attorney for sale of that parcel of real estate. (Powers of Attorney that deal with real estate can be particular or peculiar on a state by state basis, so be sure to consult with your real estate attorney before signing one and then becoming unavailable.)
It is almost never to late to make a "make sense" deal with the bank. But you have to start if you are going to finish. If you never even start then you have already given up.
Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales