Short Sale (vs) Foreclosure

Short sale process overview : Stuff you should know feel free to share this with your friends I am sure I can help!

With the institution of the Debt Relief Act of 2007 and the government assistance currently available to

America’s homeowners deciding to short selling a home is like getting a “Get out of Jail Free Card.

Attempting to escaping debtors prison can keep you in jail 7-10 years even if you attempt to escape by walking away. By short selling your home you minimize your damages and can be fully recovered in 2 years. Not only do you get out of jail early, in most cases you get out of jail virtually FREE!

Short Selling real estate in most case; allows the homeowner an immediate stay on all foreclosure proceedings. Most sales can be stopped in a few days (*up to 5 days before a trustee sale day). Once listed your loan moves to a different department, your file is assigned to a negotiator who only deals with your agent (me) thus stopping all the harassing phone calls and threatening letters.

In most cases the homeowner is not required to make any more payments on their mortgage allowing them to save, save, save, and begin their recovery process right away. Short selling allows the homeowner to save money and plan their relocation in their own timeframe.

No they won’t let you (seller) collect $200 (sorry)… they will however pay most if not all of the escrow cost, title fees and agent commissions involved in completing the sale.

They will even go as far as to pay some if not all of the buyer Fees allowing them to collect $$$ to help you out of this situation.

The Banks are paying me to find you and to help you… but I work for YOU!

Foreclosure is the process a bank must go through in order to reclaim a home from a delinquent borrower. Your lender cannot remove you from your home until they complete the entire process. The process can be extended indefinitely but entitles you to the following minimum days to stay in your home under each phase of the process.

Note: If foreclosed upon the owner is facing 7-10 years of negative credit reporting before purchasing again.

1^st) Notice of Default or NOD is the first phase of the foreclosure process generally 3 ½ months. The lender must make a public declaration of their intent to foreclose on the property if the terms are not met. If the owner decides to sell with little or no equity, lenders are sometimes willing to accept less than the full amount due, commonly referred to a “short pay” or “short sale.” Which when reported shows up on the owners credit report as “sold for less than value” which requires 18-24 months before owner will be able to buy again.

2^nd Trustee sale. The owner still has an additional 30 days to bring their loan current prior to the auction date. This process does not start until you have been given conditional notice of the sale date. If you have not obtained a trustee sale date your property is still considered an NOD. Once sold at auction the property than becomes an REO (Real Estate Own)

These time frames are your legal right. You owe it to yourself to have a knowledgeable professional like myself fighting on your behalf to insure your success. Your bank has agreed to pay my fees all you have to do is simply reply to this blog posting by emailing me at, DebraDAW@aol.com and let me know who you know that might need my assistance and I will get started helping them recover TODAY!