You Aren’t Eligible for a Short Sale If You Don’t Own A Home

Not long ago, I found myself making a much dreaded phone call to a potential short sale seller:  “I’m sorry but you don’t own your home anymore, so you are not eligible for a short sale.”  He had no idea — he thought they granted him another extension.  He met with me just three weeks prior and I asked whether he wanted to list his home as a short sale that day.  He declined, thinking that he still had time.  By the time he called me out to list the property it was already in the bank’s hands although neither he nor I knew.  The following Monday, I called a title company and found out that his home had been sold at foreclosure auction. And then I had to make that call.
It happens more often that you think. Potential short sale sellers should be aware that you have to be proactive to avoid foreclosure.  Often homeowners are lulled into a false sense of complacency when a bank continues to extend the date for their foreclosure.  So much so that when that date actually creeps up, they don’t believe that it will actually happen.  Often they hang on believing that they will be granted an acceptable loan modification, or another extension and when that does not happen — if they have not been making payments — they are facing a drastically shortened time clock if they then want a short sale instead of a foreclosure.
If you want a short sale instead of a foreclosure, you should contact a Central Coast short sale agent for a consultation after a Notice of Default is filed on your property.  If the bank files a Notice of Default — they are reserving their right to foreclose on the property and you should take that seriously.   You must take action to avoid foreclosure.
If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced short sale agent to guide you through this process.  If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Copyright© 2011 Tni LeBlanc *You Aren’t Eligible for a Short Sale If You Don’t Own A Home*

Leave a Reply

Your email address will not be published. Required fields are marked *



Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can
take care of it!

Legal Notice

The content provided on this website is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. The investment, mortgage or financial services or strategies mentioned in and throughout this website may not be suitable for you. Nothing on this website should be construed as a solicitation of properties currently under contract with another broker. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Practice limited to the State of California. Solicitations, negotiations and any resulting agreements are deemed offered and accepted in California and California law to be applied to any contractual matter or otherwise is the state of California, to which all subject matter and personal jurisdiction is exclusively conferred. CA DRE LICENSE #01871795
css.php