Lender declining a short sale

[Anonymous]

Satar,
Is is still possible to make up the arrears if the homeowner has passed the NOD date? Can one still do that or is it just possible to do the short sale at that point?

Matt

[SD Realtor]

Anything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.

You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.

The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.

So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.

ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.

SD Realtor

[SD Realtor]

Anything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.

You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.

The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.

So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.

ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.

SD Realtor

[SD Realtor]

Anything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.

You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.

The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.

So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.

ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.

SD Realtor

[SD Realtor]

Anything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.

You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.

The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.

So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.

ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.

SD Realtor

[SD Realtor]

Anything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.

You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.

The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.

So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.

ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.

SD Realtor

[Anonymous]

Hi Matt,

The foreclosure time line in California is the following:
Miss 3 months of payments then a Notice of Default gets filed. You have three months from that date before a Notice of Trustee’s sale is filed. You have 28 days after that before auction date.

You can reinstate the loan by bringing the loan current at any time before the notice of Trustee’s sale. Once the notice of trustee’s sale gets filed, you will need to pay the entire loan off (or short sale) before the auction date.

You can do a short sale at any point. Most lenders will require you to be in default or miss a couple of payments first before doing a short sale. Also, keep in mind you can post pone the auction if you have a short sale package (including Purchase Offer from buyer) or if you make a payment to the lender. In California, the lender can post pone an auction 3 times if they wish to do so.

Satar Naghshineh
CA Licensed Broker/President
Amiri Property and Financial Services Corp

[Anonymous]

Hi Matt,

The foreclosure time line in California is the following:
Miss 3 months of payments then a Notice of Default gets filed. You have three months from that date before a Notice of Trustee’s sale is filed. You have 28 days after that before auction date.

You can reinstate the loan by bringing the loan current at any time before the notice of Trustee’s sale. Once the notice of trustee’s sale gets filed, you will need to pay the entire loan off (or short sale) before the auction date.

You can do a short sale at any point. Most lenders will require you to be in default or miss a couple of payments first before doing a short sale. Also, keep in mind you can post pone the auction if you have a short sale package (including Purchase Offer from buyer) or if you make a payment to the lender. In California, the lender can post pone an auction 3 times if they wish to do so.

Satar Naghshineh
CA Licensed Broker/President
Amiri Property and Financial Services Corp

[Anonymous]

Hi Matt,

The foreclosure time line in California is the following:
Miss 3 months of payments then a Notice of Default gets filed. You have three months from that date before a Notice of Trustee’s sale is filed. You have 28 days after that before auction date.

You can reinstate the loan by bringing the loan current at any time before the notice of Trustee’s sale. Once the notice of trustee’s sale gets filed, you will need to pay the entire loan off (or short sale) before the auction date.

You can do a short sale at any point. Most lenders will require you to be in default or miss a couple of payments first before doing a short sale. Also, keep in mind you can post pone the auction if you have a short sale package (including Purchase Offer from buyer) or if you make a payment to the lender. In California, the lender can post pone an auction 3 times if they wish to do so.

Satar Naghshineh
CA Licensed Broker/President
Amiri Property and Financial Services Corp

[Anonymous]

Hi Matt,

The foreclosure time line in California is the following:
Miss 3 months of payments then a Notice of Default gets filed. You have three months from that date before a Notice of Trustee’s sale is filed. You have 28 days after that before auction date.

You can reinstate the loan by bringing the loan current at any time before the notice of Trustee’s sale. Once the notice of trustee’s sale gets filed, you will need to pay the entire loan off (or short sale) before the auction date.

You can do a short sale at any point. Most lenders will require you to be in default or miss a couple of payments first before doing a short sale. Also, keep in mind you can post pone the auction if you have a short sale package (including Purchase Offer from buyer) or if you make a payment to the lender. In California, the lender can post pone an auction 3 times if they wish to do so.

Satar Naghshineh
CA Licensed Broker/President
Amiri Property and Financial Services Corp

[Anonymous]

Hi Matt,

The foreclosure time line in California is the following:
Miss 3 months of payments then a Notice of Default gets filed. You have three months from that date before a Notice of Trustee’s sale is filed. You have 28 days after that before auction date.

You can reinstate the loan by bringing the loan current at any time before the notice of Trustee’s sale. Once the notice of trustee’s sale gets filed, you will need to pay the entire loan off (or short sale) before the auction date.

You can do a short sale at any point. Most lenders will require you to be in default or miss a couple of payments first before doing a short sale. Also, keep in mind you can post pone the auction if you have a short sale package (including Purchase Offer from buyer) or if you make a payment to the lender. In California, the lender can post pone an auction 3 times if they wish to do so.

Satar Naghshineh
CA Licensed Broker/President
Amiri Property and Financial Services Corp

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