The Top 100 Foreclosure & Short Sale Questions

1. What is a CDPE?

A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

2. What happens in a foreclosure?

A foreclosure is a legal process that starts when you fall several months behind on your mortgage payments, fail to make arrangements to repay the missed payments, and your lender exercises the legal right to terminate your mortgage, assume ownership of your property and sell it at a Sheriff’s or Public Trustee’s Sale.

3. What is a Demand Letter?

Before a lender forecloses, you will receive a demand letter stating the amount you are delinquent, and that you have 30 days to bring your mortgage current. If you do not pay the specified amount or make some type of arrangements by the given date, the lender may begin foreclosure proceedings.

4. What is a Sheriff's or Public Trustee's Sale?

The lender's attorney will schedule a sale date that is the actual day of foreclosure. You may be notified of the date by mail, a notice will be taped to your door, and the sale may be advertised in a local paper. The time between the Demand or Notice to Accelerate Letter and the actual Sale varies by state. In some states it can be as quick as 2-3 months. This is not the move-out date, but the end is near. You have until the date of sale to make arrangements with your lender, or pay the total amount owed, including attorney fees

5. What is the Redemption Period? 

After the sale date, you may enter a redemption period. You will be notified of your time frame on the same notice that your state uses for your Sheriff's or Public Trustee's Sale.

6. What is a short sale?

If you owe more on your property than its current market value, and one of the above solutions does not apply to you, a short sale may be the solution to your problems. You may also qualify for the government’s Home Affordable Foreclosure Alternatives Program (HAFA). Part of HAMP, HAFA offers incentives to servicers to streamline short sales and provides up to $3,000 in borrower relocation assistance to homeowners who successfully complete a HAFA short sale. The entire short sale process is detailed here.

7. How do I qualify for a short sale?

To qualify for a short sale you must meet any or all of the following criteria:

  • Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.


8. What is a mortgage modification?

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments. A mortgage modification is a process through which your mortgage lender changes any or all of the following: 

  • Your interest rate
  • Your principal balance (through a reduction)
  • Your loan terms (example: from an adjustable to a fixed rate) 

9. Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

10. What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site, you will need the following information for your lender to consider a modification:

  • Information about your first mortgage, such as your monthly mortgage statement
  • Information about any second mortgage or home equity line of credit on the house
  • Account balances and minimum monthly payments due on all of your credit cards
  • Account balances and monthly payments on all your other debts such as student loans and car loans
  • Your most recent income tax return
  • Information about your savings and other assets
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
  • If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

11. How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking for, you can request to be referred to one of the following departments (different lenders have different names for these departments):
Loss Mitigation
Mortgage Modification
H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).

For a list of mortgage lenders and servicers, visit www.HopeNow.org.

12. What is a Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

13. What if I don’t qualify, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the Certified Distressed Property Expert® Designation have undergone extensive training in how to process and negotiate short sales.  A short sale allows you to sell your home for less than what you owe and avoid foreclosure. 

14. What are the qualifications for a Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

  • You are the owner/occupant of a one- to four-unit home
  • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
  • At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
  • You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan

15. Are there any tax consequences?

In 2007, The Mortgage Forgiveness Debt Relief Act and Debt Cancellation legislation was passed. This allows homeowners to short sell their homes up to 2 million dollars with no tax consequences. Be sure to consult your tax professional for more information. You can also visit the IRS website at www.irs.gov.

16. Will I have to move out immediately if the lender agrees to the short sale?

No. Even if someone makes an offer on the house immediately, it can still take three to four months for the short sale to be approved at the bank.

17. What types of real estate can I short sale?

It can be your primary residence, a second home or an investment property. In short, every type of real estate can qualify for a short sale.

18. Can I short sale if my payments are current?

Yes.

19. Can I short sale if I missed or am behind on my payments?

Yes. You can even short sell a property if you are in default.

20. Can I short sale if I already received a foreclosure notice?

Yes.  In most cases, the lender will stop the foreclosure process in order to complete the short sale.  This is because a short sale usually saves the lender a significant amount of money in comparison to a foreclosure.  

21. Can I short sale if I have already received a modification from my lender?

Yes.

22. Can I short sale if I have been denied for a modification?

Yes.

23. Can I short sale if I am in the process for a modification?

Yes.

24. What is Reinstatement or Forbearance?

If you fell behind on your mortgage payments because of a temporary reason that is now resolved, you may be able to reinstate the mortgage, even as late as the scheduled bank sale date. You must obtain a detailed reinstatement letter from your lender and pay all missed payments, late fees and legal fees. This one-time payment will return your mortgage to good standing.  

If you are not in a position to make a one-time payment to reinstate, you may qualify for forbearance. This is a repayment plan that can reinstate the mortgage. You repay your missed payments over a period of time, or the lender may add them to the end of the scheduled loan amortization. This solution only works if you can provide verification of sufficient income. And if you miss a single payment during forbearance, the foreclosure may be resumed.

25. Can I just sell the Property?

If you have sufficient equity, you can cure the foreclosure with the proceeds from the sale of your home. This is an important time to seek CDPE assistance from professionals like The Mark Boyland Team. Without proper guidance you may choose to sell much faster than needed and receive less for your property. 

26. Can I Rent the Property?

If your monthly mortgage payment is low enough, you can rent your property and maintain the mortgage payments while you live elsewhere. 

27. Can I Refinance?

With sufficient equity and income, and if your credit is not too badly damaged, refinancing is an option provided the property appraises for a sufficient amount. This only works if your financial health is permanent.

28. What is a Short-Refi?

This involves refinancing the mortgage with a reduction in the principal balance. Reducing the interest rate may also be included. To qualify you must document proof of hardship along with sufficient income to pay your new mortgage.

29. What is Deed-in-Lieu of Foreclosure?

Often called a “friendly foreclosure,” the homeowner turns over the deed to the bank, so the bank can avoid a lengthy foreclosure process. The bank may still report it as foreclosure to credit agencies and/or file a 1099 and obtain a deficiency judgment depending on the terms of the Deed-in-Lieu arrangement. In addition, if you have equity in the property, The Mark Boyland Team advises against this alternative. You could ultimately walk away from significant cash.

30. What Is Deed-for-Lease™?

This is a program of Fannie Mae contingent on the successful completion of a deed-in-lieu of foreclosure. It offers leases for up to 12 months that lets you remain in your home as a tenant provided you can pay the rent.

31. Can I file for Bankruptcy Protection?

Only consider this as a last resort. It may stop a foreclosure and allow you to reorganize your finances and keep certain assets. What really may happen is the bankruptcy only delays the foreclosure and you may end up with nothing rather than something. For more details, see our section on Bankruptcy or Short Sale.

32. What is the Servicemembers Civil Relief Act (SCRA)?

Military personnel are protected from foreclosure in specific situations under the SCRA. The law provides service members other protections including:

  • Mortgage relief 
  • Termination of leases
  • Protection from eviction
  • 6 percent cap on interest rates
  • Stay of proceedings
  • Reopening of Default Mortgages 

33. What is the Homeowners Assistance Program (HAP)?

The Department of Defense helps eligible service members and federal civilians with financial assistance to eligible homeowners facing financial loss in areas where a base closure or realignment announcement has caused real estate values to decline. Authorized by Congress, it is administered by the US Army Corps of Engineers.

34. How long does a short sale typically take to close? 

In general, a short sale takes 4 to 6 months to complete.

35. Why does it take so long?

It is an exhaustive process that requires several steps — all of which require time to complete and have to be performed in sequence. These include:

  • Finding a buyer
  • Assembling the documents to submit the proposed short sale to the lender
  • Lender review including appraisals and any negotiations which may be required
  • Closing

36. If my home is listed for short sale, can I rent it to a tenant until it sells?

This is not usually a recommended process as it may be construed as skimming funds that should be paid to the lender. If you choose to do so, place the funds in an escrow account to be used for any maintenance during the sale and provided to the lender at closing. 

37. Will I get to review offers made on the house?

All offers are submitted to the bank as it is their decision to accept or decline.

38. If my home doesn't sell after three months, what then?

In our experience, we have never had a short sale listing that failed to attract a buyer and go into contract.

39. If the buyer finds problems with my house during inspections, who pays for these improvements?

The buyer will adjust the offer to provide for repairs after closing. However, if they are minor, you may consider making them yourself and thereby maintaining the higher price.

40. I don't want my neighbors to know that my house is close to foreclosure.  Do I have to have a sign on my lawn?

No.

41. My friend's house was a short sale, and then became a foreclosure.  How do I avoid this scenario?

Either the sale was not handled properly or the process started too late. In matters of short sale and foreclosure, act quickly and get professional assistance every step of the way.

42. After my short sale home is sold, will I be able to get another mortgage?

Yes, you may qualify for a new mortgage in as little as 24 months.

43. If I just wait out the market, then won't I be able to avoid a short sale?  

Current market projections indicate that prices may not recover to pre-recession levels for many years. As a result, it may require a long wait before you can sell your home and pay off the outstanding balance on your home. But if you can wait out that length of time and continue to make your payments, you probably do not need a short sale.

44. How long does the entire foreclosure process take?

The foreclosure process in New York currently takes approximately 445 days (15 months) from the date of the first missed payment to the sale of the home.

45. After the bank forecloses on my property, how long before I have to move?

After sale by public auction, the property belongs to the winning bidder. Eviction proceedings can begin immediately.

46. How does my credit score get affected with a short sale?

The impact of a short sale can be less than a foreclosure depending on how quickly you complete the short sale process.  Also, a short sale will not appear as a foreclosure on your credit report — only the previous delinquency on your mortgage will appear. You may be able to secure new financing in as little as 24 months.

47. Can I stay in my home while doing the short sale?

Absolutely! Occupancy is actually encouraged.

48. Do I need to maintain my property while doing the short sale?

Yes, if you are able to do so. A well-maintained property should command a higher offer from a buyer than a property that is obviously in disrepair.

49. If I need to re-locate for a job, should I winterize the property?

Yes, and keep all utilities in service to keep mechanical systems operational.

50. What is a deficiency judgment?

If a short sale or foreclosure auction fails to cover a sufficient amount of the outstanding loan balance, the lender may file for a deficiency judgment against you. A deficiency judgment is a court order that makes you liable for unpaid debt. In negotiating a short sale, The Mark Boyland Short Sale Team will make every effort to remove any potential future claims as part of your agreement with the lender

51. What is the cost of a foreclosure to a lender?

The average foreclosure can cost a lender from 35-50% of the value of a property; so keeping borrowers in their homes is a good option for everyone.

52. Why do I need to sign a Power of Attorney when working with a CDPE?

In order to negotiate for you and to obtain necessary records from various federal, state and local authorities as well as financial institutions, a Power of Attorney (POA) permits the appropriate authority to release files and 
records in a timely manner.

53. What is IRS Form 14135?

This is the form that must be submitted to apply for a Certificate of Discharge, removing a property from a Federal Tax Lien. 

54. What is a Certificate of Discharge?

This is a letter from the Internal Revenue Service removing a property from a Federal Tax Lien so that the property can be sold. It does not eliminate the lien or resolve any personal tax issues.

55. What does HAFA stand for? 

The Home Affordable Foreclosure Alternatives Program (HAFA) offers incentives to servicers to streamline short sales and provides up to $3,000 in borrower relocation assistance to homeowners who successfully complete a short sale.

56. What does HAMP stand for?

The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term.

57. What does HASP stand for?

The Homeowner Affordability and Stability Plan (HASP) provides for a sweeping loan modification program targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments. It also includes refinancing opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value.

58. What does HARP stand for?

The Home Affordable Refinance Program (HARP) is for homeowners who are current on their mortgage and have been unable to obtain a traditional refinance because the value of the home has declined. Homeowners may be eligible to refinance through HARP into a new affordable, more stable mortgage.

59. What does HAP stand for?

The Homeowners Assistance Program (HAP) is offered by the Department of Defense to eligible service members and federal civilian, including non-appropriated fund, employees. The program is authorized by law, and administered by the US Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.

60. What does REO mean?

REO is a class of property owned by a lender typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. It is an abbreviation for an asset class in accounting defined as Real Estate Owned or REO. Typically, a lender will attempt to sell its REO property through a real estate listing agent.

61. What is Chapter 7 bankruptcy?

A Chapter 7 bankruptcy is often referred to as a “no-asset case.” First, a means test must determine that your residual income for the next five years will be less than $6,000. Then a court-appointed trustee collects assets, reduces them to cash, and makes distributions to creditors. You are then discharged of any further responsibility for past debt.

62. What is Chapter 13 bankruptcy?

Unlike Chapter 7, all of your assets are not liquidated in a Chapter 13 bankruptcy. Chapter 13 bankruptcy provides time to catch up on past due balances while keeping your property. Typically, a repayment plan lasts between 36 and 60 months. A court-assigned trustee examines and prioritizes debts to determine any and all assets that will be liquidated for the purpose of paying off secured creditors.

63. Why is a short sale preferable to a foreclosure?

A short sale allows you to sell the property to get out of your mortgage and provide payment on the outstanding debt to a sufficient level that may satisfy the lender to release you from further financial responsibility. You should be able to obtain financing for another home in about 24 months. A foreclosure is a financial catastrophe. You lose the home completely, your credit record may never recover and the aftermath may affect future employment. The ability to obtain any form of credit may be damaged for a minimum of 7 years.

64. What happens during a sheriff’s sale?

The lender obtains a judgment of foreclosure by suing the borrower in court. A summons and complaint must be filed. The borrower must appear in court within twenty (20) days to file an answer to the complaint. If the borrower does not file an answer, the lender will pursue a summary judgment against the borrower. If the summary judgment is granted, the court will appoint a referee. The referee determines the amount the borrower owes, and decides how the property will be sold. These details are contained in a report that the referee files with the court. When the court confirms the report, a judgment of sale will be issued. This pre-sale stage of the foreclosure process may take from twelve (12) to eighteen (18) months. Once the notice of sale is issued, it must be published for four (4) to six (6) weeks. The sheriff for the county in which the property is located or the referee will conduct the sale at the time and place specified in the notice of sale. The highest bidder will receive a deed to the property at the completion of the sale. Ten percent (10%) of the highest bid must be deposited at the sale, with the remainder being funded within thirty (30) days of the sale date. Then the office must submit a report of sale to the court, which will then confirm the sale. At the sale, the lender may bid the amount due on the loan, and if no one else bids, the property will revert to the lender. The lender has the right to sue the borrower for a deficiency judgment. The suit must be filed with the court within ninety (90) days of the sale date. The court awards the lender the greater of the market value of the property or the sale price. Determination of the market value is up to the court.

65. What is a BPO?

As part of evaluating an offer on a short sale, a Broker Price Opinion (BPO) is requested by the lender from their own Broker/Real Estate Agent. The purpose is to render an opinion on the condition, value and time on market for the property. 

66. What is a hardship letter?

This is a letter that explains the borrower's strained financial circumstances. It should state what circumstances have changed from when the mortgage was issued, and why the mortgage payments can no longer be made. This letter must be written by the borrower, and be supported by documentation to prove the hardship.

67. What specific documentation should I provide?

At the very minimum, you will need to provide the following to support your request for a short sale:

  • Bank statements
  • Payroll stubs
  • Tax returns

68. Who pays for the agent's professional services?

These fees are absorbed in the transaction and do not come directly out of your pocket.

69. Does the lender pay for all fees?

Sometimes the lender will not pay for property disclosure or title fees. In this case, you can ask the lender if it can be paid for by the buyer, seller, attorneys or agents.

70. If I file for bankruptcy, how will that impact my ability to do a short sale? 

Most likely, a lender will not agree to a short sale. Since a bankruptcy petition prohibits creditors from pursuing collection activities, a short sale would be illegal because it is, in effect, a collection activity.

71. Can any real estate agent handle a short sale?

In theory, yes, but in practice, unlikely. Before signing with any realtor, ask for documentation of their specialized training, as well as proof of a solid track record of performance in successfully completing short sales.

72. What happens if my lender rejects an offer?

The lender may reject an offer with the expectation that the buyer may return with a higher purchase price (this is not uncommon.) If the buyer is willing, the sale may not be lost.

73. What does it mean when they describe a home as being underwater?

If the market value of a home has sunken below the actual unpaid balance of its mortgage, it is deemed “underwater.” If your mortgage payments are low enough that you can continue to make payment until the value rises to positive levels, the current situation may be of concern but not require any form of action on your part. However, if your mortgage payments are not fixed and/or you have suffered some other financial setbacks such as loss of income, then you may find it worthwhile to consider other alternatives to trying to tread water as the tides rise.

74. How does pricing affect the success or failure of a short sale?

Your short sale agent should have special expertise at pricing the property right. A “right-priced” listing should have no problem attracting buyers and it should be acceptable to the mortgage holder and the buyer’s lender.

75. What is a warning sign that a listing agent is unqualified to list my property?

Don’t be misled by how many listings they have — examine how many listings have been on the market for 90 days without an offer.

76. How should a short sale property be marketed?

Exactly like every other listing, promoted on all Internet sites, multiple listing services and supported by realtor networking and direct mail.

77. How should a buyer approach a short sale?

If a buyer needs to find a home and move in a brief period of time, a short sale is probably not a wise choice to pursue. A short sale requires patience and flexibility while decisions are being made and values established.

78. What is the $3,000 Moving Allowance all about?

As part of the Home Affordable Foreclosure Alternatives Program (HAFA), up to $3,000 in borrower relocation assistance is available to homeowners who successfully complete a HAFA short sale. If you qualify, you may be eligible to receive up to $3,000 at closing for moving expenses. Plus, this program delivers TOTAL PEACE OF MIND because you are CLEARED OF ALL REMAINING DEBT from your mortgage. You’ll have money to move on, and you can rebuild your financial life faster!

79. Who benefits from a Short Sale?

The lender avoids the costs of filing for foreclosure and the potential loss of money should the sale generate proceeds lower than the actual unpaid mortgage balance. The homeowner benefits by avoiding the long-term stigma of a foreclosure on their credit record.

80. How does a Short Sale affect neighborhood values? 

A Short Sale will not impact on the values of neighboring properties. It may result in a price that is 4 percent lower than if the property was the subject of a standard home sale.

81. Why are Short Sales offered “as is?”

The homeowner is not in a financial position to make repairs so the property will be sold with the understanding that any necessary repairs will be the responsibility of the buyer.

82. What happens in a Short Sale when you have two or more loans?

A Short Sale package must be submitted to each lien holder and clear title must be obtained.

83. Does a property have to be my primary residence to qualify as a Short Sale?

No, any type of property can be sold through a
Short Sale.

84. What is a Short Sale addendum?

Short Sale addendum verbiage may vary from state to state. A Short Sale is contingent upon the seller’s lender 
agreeing to accept less than the amount owed, the addendum clarifies that contingency and also sets forth the time period that the buyer is willing to wait 
for approval.

85. Can a buyer ask for a seller’s concession?

In some Short Sales, they will allow 3% seller’s concession of the purchase price.

86. Can I get an FHA loan to buy a Short Sale?

Yes, you can. If the property has many repairs that are needed, have your mortgage representative take a look at the property before submitting an offer.

87. Why is "low balling" on an offer a mistake?

The lender or their agent will order a BPO (Broker’s Price Opinion), a CMA (Comparative Market Analysis) or appraisal on the property to determine its value. If your offer is too low, the bank may not only reject the offer but also decide that there is more money to be made by proceeding with the foreclosure.

88. My foreclosure date is 2 weeks away.  Can I still participate in a Short Sale?

Some lenders will postpone a foreclosure date if they have a complete Short Sale package from the seller and the seller’s agent. This package must include a purchase contract as well as important financial information. Without these items, lenders will not postpone a foreclosure date.

89. If I do a Short Sale, how much will I have to pay to sell my home? 

Nothing. In most cases you will pay literally no sales costs if your lender approves a Short Sale. All 
commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval. Your contract should include language such as: "Seller’s agreement to sell is subject to approval by existing lender of a Short Sale at no cost to Seller. Seller shall not be required to deposit funds to close escrow." 

90. Do lenders approve all Short Sales?

No. That is why it is critical to work with a specialist who has extensive success in getting Short Sales 
approved. From the presentation of the Short Sale package to the lender to working with the lenders Loss 
Mitigations Department, a Short Sale specialist knows how to keep the file moving towards approval. The first step is to get pre-qualified for a Short Sale. There is no charge for this, and it’s easy.

91. Can an owner profit from a Short Sale?

The seller cannot profit (monetarily) from a pre-foreclosure Short Sale. But there are always exceptions to the 
rule.

92. Will a lender allow a Short Sale when the owner has some or a good amount of equity?

If a property has what the lender would consider a substantial amount of equity, chances are they would consider allowing the property to foreclose and then reselling it closer to the retail value. Focus on homes that do not have much equity. Your job will be to create the equity in the home by negotiating a successful Short Sale. 

93. Can I Short Sale a nice property?

Absolutely! As you can see, banks Short Sale for many reasons other than the poor condition of the property. 

94. How long is the waiting period before buying another home?

Foreclosure or Deed-in-Lieu of Foreclosure: A seller who wants to buy another home after foreclosure will end up 
waiting about 36 months before a lender will offer any kind of interest rate that makes sense.Short Sale: The good news for Short Sale sellers is the wait is much shorter before buying another home. They can buy again in about 18 months. 95. What factors does the bank consider when examining a Short Sale?The bank looks at two main factors for a Short Sale: (1) purchase price/net payoff and (2) financial hardship of the seller. The bank will conduct a BPO (broker price opinion) to determine the market value of the property. They also have established a percentage off of market value that they will accept as a loss on the Short Sale. The bank will also consider the seller’s financial situation and if they find the seller has a legitimate financial hardship, will allow this condition to be met. 

96. What if a property needs work, can I still apply for a Short Sale?

Yes. In fact, lenders are more motivated to do a Short Sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work. 

97. What if the terms the bank is offering are unfavorable to me?

If the terms of the Short Sale are not in your interest, you are not required to sell the property or complete the Short Sale. Do remember that as part of a Short Sale the lender will forgive the debt and is therefore a better option. If you choose not to complete the Short Sale, the bank will continue to pursue you for the outstanding loan balance.

98. Can I stay in my home during the Short Sale process?

Yes, you can stay in your home until it closes. If you are facing foreclosure and actively pursuing a Short Sale, your bank will usually postpone foreclosure allow you to stay in your home a little longer.

99. Will the bank continue their collection activities?

Yes, they will. That may mean calling or sending you letters looking for payment even if you are currently pursuing a Short Sale. But, most banks will not foreclose on your home if you are actively working on a Short Sale.

100. Do you work with all banks?

Yes, we are currently working with all banks. Unlike some agents and investors, we do not “selectively choose” which banks we work with and which banks we won’t. We have experience in working with over 50 different banks/lenders across the Nation.

The Mark Boyland Team - We have successfully closed short sales in Westchester, Putnam, Dutchess and Bronx counties.

To See If You Qualify, Apply Here

Short Sale Hotline
800-244-6005