Home in Foreclosure? Part 2
Okay, so hopefully you’ve called the mortgage company now and they’ve either said something like, “Yes, we’ll rewrite the loan with more favorable terms,” or they’e just flat out refused. The latter will most likely happen if the mortgage company is no longer in business.
If that happens, it’s time to move to the next step of the process, which is to call a Realtor. Well, call us.
What we would then proceed to do is check to see the market value of the property you are in. If you bought two years ago, the market value is probably lower than it was then. With your permission, we then contact the mortgage company and let them know that we are going to put this home up for short sale. This is especially important if your payments have been late or non-existent for more than a month.
Then, the house goes up for sale. Typically, the mortgage company will say nothing about whether they will accept the short sale or not until we get a written offer and send it to them.
Remember that a short sale is a very long, drawn out process that can be very frustrating, but sometimes it is the only alternative to foreclosure, which we will discuss in part three.
