Foreclosure FAQ's

I've already received my foreclosure notice, is it too late for a short sale?

• NO, but there are a few variables that can affect the foreclosure timeline.
• A qualified Realtor and Certified Distresses Property Expert can help you extend the foreclosure timeline. 
• A sale of a home can be done and approved up to the day of the bank sale or auction of the home.

What is the difference between a Short Sale vs. Foreclosure?

• A short sale occurs when a negotiation is entered with the homeowner's mortgage company or companies to accept less then the full balance of the loan at closing.  
• A foreclosure occurs when there is a legal proceeding by the lien holder in which, they take back the property in order to recover the amount that is owed by the homeowner.

I haven't missed any mortgage payments; can I still do a short sale?

• Typically the lender will not consider a short sale if there have not been any missed payments but can be overcome if we can show a compelling reason why the payments have been made but the payments are not sustainable into the near future.
• We would need to show if the payments were made with your credit cards, by borrowing from family members or even if the money came from retirement accounts, as an example. This will not guarantee the lender will accept but there are instances where they have done so.