Get Started Today & Stop Foreclosure

You have tried a loan modification: sending the bank numerous documents over several months - waiting for what seams like eternity for their response.  Finally, when it comes, you realize it makes absolutely no financial sense to continue paying for a house hopelessly underwater and the auction is only weeks away... no options now - wrong!

I can sell your house in days then submit a Short Sale package to the bank - stopping the process.  I can have the auction postponed even if you are only a week or two away from auction.  You must call me immediately and set up an appointment to start a Short Sale today.  Remember: Lines of Credit and cash out loans don't go away, they will continue collections after the sale! 

Don't let this happen to you!

The foreclosure process:

NOD (Notice of Default) - when homeowners are 3 to 4 payments behind on their mortgage payments, the bank typically sends a registered letter with the heading "Notice of Default" in order to start the foreclosure process.  Most banks send a non-registered letter about 3 to 4 weeks before this official NOD to encourage homeowners to act immediately to contact the lender to work out a loan modification or other remedy.  On or before you receive an NOD is the best time to contact your Realtor to start a Short Sale.  Starting a Short Sale before you stop making payments will have the least impact to your credit.  The homeowner has 90 days form an NOD until they receive the Notice of Trustee Sale.

Notice of Trustee Sale - This occurs 90 days from the NOD registered letter giving the homeowners a 21 day notice of the auction date.  A notice must also be posted on the front door of the property.  A Short Sale is still possible - the agent must move very quickly to stop the Trustee Sale; most agents will not list a property at this stage.  I have resources which give me a good probability of success - please call immediately if you are close to the auction date.

The Short Sale Process

Comparables Market Analysis Report - your agent compiles this report to determine the quick sale price of the house.  I generally sell the house in 7 days - the listing price is very important for a quick sale.

List the Property - The seller signs the listing documents and the agent submits the listing to the Multiple Listing Service (MLS) to start marketing the property.

Open House - I always recommend an Open house as soon as possible.  I routinely find the best buyers here.

Submit Package to Bank - bank assigns Loss Mitigator (2 to 4 weeks)

1. Hardship Letter

2. Loan Discussion Approval Letter - gives agent ability to speak to bank about the loans

3. 2 most recent years of tax returns

4. 2 most recent payroll stubs

5. Recent bank statements

Loss Mitigator reviews package

1. Appraisal or Broker Price Opinion (BPO) is ordered (1 week)

2. Mitigator reviews package - asking the agent for updated information as necessary to prepare for investor/manager approval

Package is submitted for Approval

1. Investors or manager reviews the Short Sale proposal either approving it or returning a counter proposal (2 to 4 weeks)

Seller/Buyer Acceptance

1. If both accept the bank's offer - it is signed and escrow proceeds

2. If buyer does not agree, a new offer is submitted to the bank or the buyer backs out of escrow and a new buyer is found through additional marketing of the property

3. A loan settlement is offered by the bank as part of the bank's acceptance - it may need further negotiation if the seller doesn't agree with the terms and conditions.  Make sure that this states the loans are "settled in full for less than owed".  Beware of of retention of right to pursue a Deficiency Judgment (continue collection action)

Escrow closes - everyone wins!