Time Frames and Notice in Foreclosure

By
Services for Real Estate Pros with STAMATAKIS + THALJI + BONANNO

Time and No Obligation: It may require three (3) weeks or more to receive an answer from the lender, and the lender is not under any obligation to approve a short sale.

 

Call the Lender: It may require numerous phone calls by the Seller before reaching the person responsible for handling short sales.

Comments (5)

Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

I have a short sale--my seller performed all the paperwork and it was sumitted to the bank...We used a lawyer to assist with the short sale.  The bank lost the paperwork, not once, but twice and it took us over 45 days to receive an answer...Meanwhile, the cash buyer walked.

Mar 12, 2009 04:23 AM
Patrick Schutte
Flex Realty - Prescott, AZ
REALTOR

Amanda, that is not unusual...espcially with cash buyers.  I find that they are doubly insulted when they get no response at all...not what they are used to when plunking down $100s of thousands.

Here's some tips that my buyers have found helpful before making an offer on a short sale:

What to ask the selling agent on a short sale before making your offer

Thanks for posting!

:) PS

Mar 12, 2009 04:32 AM
Anonymous
Tammy Alfonso

I have been renting a house for almost a year ,we were just served papers a month ago that the house is in forclosure my question is  how long do we pay rent to the land lord , is he still entitled to collect the rent or do we make arrangements with the bank. He says he still owns the house which I guess he does but is he entitled to the rent money since he is gonna lose the house

                                                   Thankyou

                                                         Tammy Alfonso

Oct 06, 2009 01:00 PM
#3
Anonymous
LuLou

I would advise you to keep paying the rent you signed the contract for. Now IF YOU GET an eviction notice, then you need to call the bank and explain the situation and they will assist in giving you extra time to move, or pay them directly.

  This same entire incident happened to a customer of mine before we met. Everything worked out fine, she should have bought the house as it turns out, the bank liked her on time payments but she got transferred with her work or the bank would have sold HER THE HOUSE FROM HIM.

Oct 27, 2010 12:46 PM
#4
Anonymous
car loan

I bought our home before we were married and now we simply cannot afford it. Can my husband go buy a home under his name and I foreclose on this one without it affecting HIS credit?

car loan

Dec 05, 2010 09:33 PM
#5