How long do I have to try to sell my house as a 'short sale'?
it depends on your lender's requirements and whether you qualify for any special government sponsored programs helping homeowners avoid foreclosure. For instance, under the Foreclosure Atlernative Program (part of the Making Home Affordable Program), borrowers should have at least 90 days to market and sell the property, with possibly more time based on local market conditions. The property must be listed with a licensed realtor experienced in selling properties in the neighborhood. Marketing of the property may run concurrently with the foreclosure process, however no foreclosure sale can take place during the marketing period specified in the Short Sale Agreement as long as the borrower is acting in good faith to sell the property. There will be a maximum marketing period of 1 year for the property, provided any longer period not otherwise delay foreclosure sale, to ensure diligence by servicers and borrowers in moving as quickly as possible to complete the short sale.
Other Stopping Foreclosure FAQs
-
Q:
What is a 'short sale'?
A: A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage on the home. In a short sale, a … More -
Q:
Can any property be sold as a 'short sale'?
A: typically, if there are any junior liens, mortgages or other debts against the property, those must be cleared first before the property can be sold as a … More -
Q:
Why Would a Lender Agree to a Short Sale?
A: Banks and other lenders generally agree to short sales in order to avoid having to foreclose on a property and take it into their inventory. Most lenders would rather … More -
Q:
What is a Short Sale?
A: A short sale is where a homeowner sells their home for less money than they owe on the property. The owner of the home negotiates a discounted payoff with their … More
