Decision Made: Short Sale, but what now? - Loan Modification Forum

guzmane · 08-10-2009, 02:11 PM

A couple of months ago, I posted a forum on our unsuccessful attempt to modify our loan with HSBC Mortgage Svs. Initially, we tried modifying the loan directly with the bank and were denied. Then we hired an attorney and we were denied again. We were very disappointed with HSBC and decided to let the house go into Foreclosure. When speaking with a Realtor, she convinced us to Short Sale. I haven’t talked to her since we received the NOD letter, which is dated July 11, 2009 and I believe the sale date will be set 90 days from the date of the NOD, right? My question is: How long should I wait to speak with the Realtor and have the house listed? My concern is that my husband is Active Military and is scheduled to go out of town for training from mid-September through October, returning November 3^rd

and I would prefer not having to move out of the house when he is not here. Any advise as to how long the Short Sale process takes?

Evan Bedard · 08-10-2009, 06:14 PM

Hi guzmane welcome and thank you for joining the forum.

How long has your house been listed? I'm asking this because most lenders will require you to have the house listed for 90 days before they will consider a short sale..

guzmane · 08-10-2009, 07:03 PM

We haven't listed the house as of yet. We received the NOD letter in Mid July. At that time, we did not know if we should let the house foreclose or short sale. Now that we decided to short sale, we do not know if it is too late. Or, if we should wait until the end of the 90 days until the auction date is assigned by the court.

Evan Bedard · 08-10-2009, 07:09 PM

If you are going to short sale it would be wise to list the housa as soon as possible before you get too close to foreclosure. It would also be smart to consult with an Attorney or Real Estate Agent who is familiar with Short Sale negotiation and has significant experience working with lenders. Keep in mind that Attorney’s fees or Realtor fees come out of the lender’s net proceeds, therefore, you should not have to pay out of your own pocket for an Attorney or Realtor to assist you with the transaction.

guzmane · 08-10-2009, 07:17 PM

Thank you, Evan.

Would you by any chance know the ETA for the short sale process (from the time the house is listed, a buyer sends their offer, offer is accepted and escrow)? Also, is foreclosure postponed once the bank finds out that we are short selling the house?

08-10-2009, 02:11 PM	#1 (permalink)
guzmane Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Decision Made: Short Sale, but what now? A couple of months ago, I posted a forum on our unsuccessful attempt to modify our loan with HSBC Mortgage Svs. Initially, we tried modifying the loan directly with the bank and were denied. Then we hired an attorney and we were denied again. We were very disappointed with HSBC and decided to let the house go into Foreclosure. When speaking with a Realtor, she convinced us to Short Sale. I haven’t talked to her since we received the NOD letter, which is dated July 11, 2009 and I believe the sale date will be set 90 days from the date of the NOD, right? My question is: How long should I wait to speak with the Realtor and have the house listed? My concern is that my husband is Active Military and is scheduled to go out of town for training from mid-September through October, returning November 3^rd and I would prefer not having to move out of the house when he is not here. Any advise as to how long the Short Sale process takes?

08-10-2009, 06:14 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Decision Made: Short Sale, but what now? Hi guzmane welcome and thank you for joining the forum. How long has your house been listed? I'm asking this because most lenders will require you to have the house listed for 90 days before they will consider a short sale.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-10-2009, 07:03 PM	#3 (permalink)
guzmane Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Decision Made: Short Sale, but what now? We haven't listed the house as of yet. We received the NOD letter in Mid July. At that time, we did not know if we should let the house foreclose or short sale. Now that we decided to short sale, we do not know if it is too late. Or, if we should wait until the end of the 90 days until the auction date is assigned by the court.

08-10-2009, 07:09 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Decision Made: Short Sale, but what now? If you are going to short sale it would be wise to list the housa as soon as possible before you get too close to foreclosure. It would also be smart to consult with an Attorney or Real Estate Agent who is familiar with Short Sale negotiation and has significant experience working with lenders. Keep in mind that Attorney’s fees or Realtor fees come out of the lender’s net proceeds, therefore, you should not have to pay out of your own pocket for an Attorney or Realtor to assist you with the transaction. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-10-2009, 07:17 PM	#5 (permalink)
guzmane Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Decision Made: Short Sale, but what now? Thank you, Evan. Would you by any chance know the ETA for the short sale process (from the time the house is listed, a buyer sends their offer, offer is accepted and escrow)? Also, is foreclosure postponed once the bank finds out that we are short selling the house?

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