When Should You Consider A Short Sale

When Should You Consider A Short Sale


Image title




If you’re behind on your mortgage payments or you know that your income will not be sufficient to make the payments going forward, it may be time to consider a short sale on your home. A short sale can help you avoid foreclosure and salvage your credit rating while still letting you liberate yourself from your home loan.


Homeowners often wait until they receive a notice of foreclosure from the lender before starting the short sale process. In some cases, it’s already too late.


If you face financial hardship and know you will default on your loan, start thinking about a short sale right away. You can always stop the process if your financial situation turns around, but if you wait too long to start, you will miss the window of opportunity.


In Texas, foreclosure auctions happen the first Tuesday of every month. After sending several demand letters, the bank will send a foreclosure notice to a homeowner just two or three weeks before the auction date. The fact is a short sale takes time—often several months. There is a possibility we can still save the house within two weeks of foreclosure, but the shorter amount of time we have the less likely of success.


In general, a lender will start the foreclosure process after you are 60 to 90 days late on payments. Some lenders take longer, but just because you don’t hear from the bank doesn’t mean they have forgotten you. If you don’t pay your mortgage, the lender will send you a foreclosure notice in due time.


You will usually receive at least one demand letter from the bank telling you the amount that you owe and the date by which you must catch up on missed payments. The best course of action is to call us as soon as you receive the first demand letter, so we can explore the option of a short sale. If you fail to pay by the date specified in the letter, the bank will send another demand letter for the full amount of the note, due immediately. Finally, the lender will send a public notice of default with the foreclosure auction date via certified mail.


Too many families have lost their homes because they didn't know they had other options. Don’t let that happen to you. If you are behind on your payments—and especially if you have received a demand letter or notice of foreclosure—take action immediately. If we can answer any questions or otherwise be of help, please give us a call.




Nicole Espinosa

Short Sale Expert-Licensed Realtor

Phone: 972-832-2755

Work: 972-832-2621

Fax: 214-614-2331

WWW.FACEBOOK.COM/DFWSHORTSALEEXPERTS

www.DFWSHORTSALEEXPERTS.COM



Nicole Espinosa Headshot
Author:
Phone: 972-832-2755
Dated: August 4th 2016
Views: 3,417
About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

How Much Does Buying a Home Cost? - Last week I spoke about the
Don't get trapped in bidding for the Home you love....... - With the current market situation
3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC] - Some Highlights:Setting up an
10 Staging Secrets - 10 Staging Secrets from the

Our Bloggers

Jill Elliott - 99
Sandy Setliff - 225
Rodrigo Sotomayor - 16
Leah Ecob - 15
Seana Taylor - 217
Andrea Trimble - 55
Debbie Viverito - 132
Jemi Khan - 26
Keisha York - 30
Jason Todd - 24
Kelly Rumney - 9
Lisa Cardillo - 53
Rene Sinclair - 27
Nick Walton - 79
Gary Hutchings - 20
Go 2 Girls Realty - 173
Stacy Lynn Massar - 27
Felicia Johnson - 79
Christine Shannon - 30
Larry Frassinelli - 6
Bob Cardillo - 4
Naddia Morales - 10
Kaysone Orlando - 1
Heather Feragotti - 8
Rachel Walsh - 2
Julie Nicholson - 10
Amy Jo Saenz - 3
Mark Mulch - 19
Julian Taylor - 17
Greg Cunningham - 2
Jessica Boozer - 18
Jenna Stanley - 9
Spring Weeks - 9
Erica Taylor - 54
Wilma Goodwin - 2
Trenton Johnson - 15
William Hurd - 3
Chad Gabriel - 58
Linda Scardis - 4
Olivia Borowski - 1
Moira Brunken - 18
Nicole Espinosa - 27
Sean Moniri - 21
Jennifer Boyd - 2
Rhonda Borgne - 1
Karla Terrell - 2
Monica Solkhon - 1
Diane Velez - 18
Ann-Marie Pope - 2
Shalee Garza - 10
Jamie Brannagan - 2
Tami Bennett - 45
Brittany Duey - 1
Amber Johnson Oputa - 11
Susan Florsch - 12
Belinda Duff - 5
Ana Cantu - 1
Nikki Okpuzor - 3
Mark Fischer - 2
William Graves - 5
Leigh Klotz - 5
Laneal Ernest - 9
Richard Mikus - 1
David Darty - 1
Kelley Stubbs - 3
Kristine Edens - 3
Shelby Smith - 3
Shelia Randolph - 33
Melodie Sulgrove - 1
Mary Taylor - 15
Steve Murray - 1
Cara Balderas - 73
Annette Bruen - 47
Beth Herr - 1
Mimi Rader - 1
Alan Oliver - 7
Beverly Bryant - 24
Debbie Zurita - 17
Jennifer Flynn - 9
Christopher Evans - 1
Teneka Ray - 1
Hunter Howard - 1
Bryce Smith - 5
Lucina Cervantes - 11
Holli Paddio - 3
Candie Hernandez - 10
Drew Spears - 6
Angela Taylor - 1
Michele Thompson - 6
Christina Gonzalez - 5
Kevin Taylor - 16
Comprar Casa DFW * - 4
Kristen Henderson - 16
Sarah Dieter - 9
Timothy Gilliam - 2
Justin Blackburn - 1
Audra Young - 1
John Priestash - 60
The Doyle Team * - 5
Clint White - 2
Eva Duffy - 8
Sarah Uber - 5
Dakota Joyner - 9
Tim Stoll - 52
Martina Worley - 2
Tammy Gill - 1
Chuck May - 1
Jimmy Hanks - 1
Marcos Garza - 1
Candace Mozingo - 1
Marla Johnson - 1
Melisa Crooks - 1
Maria Lopez-Jones - 1
Gregory Cornett - 2
Lisa Carroll - 3
Michael Chatman - 2
Rosalia Tejeda - 1
(Allen) Mehrdad Solhjoo - 4
Angela Cotten - 100
Ramon Bermudez - 4
Ashley Lambert - 1
Missie Craig - 12
Roxann Hailey - 4
Judy Tapscott - 2
Julie Cash - 2
Alisa Simmons - 1
Christine McGinnis - 1
Eunice Pettaway - 1
Edwin Liddie - 1
Timothy Taylor - 1
Julian Dozier - 4

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448
0