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: 3,291
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

Your Friends Are Crazy Wrong If Theyre Telling You Not To Buy - The current narrative is that home
Figuring Out The Best Down Payment Strategy - Coming up with a down payment
Nov 14 2017 50022 2 - 7 ASTUTE WAYS TO IMPROVE YOUR
Nov 14 2017 50022 1 - Credit inquiries are included in

Our Bloggers

The Doyle Team * - 2
Comprar Casa DFW * - 4
Nikki Acker - 3
Gabrielle Armstrong - 5
Cara Balderas - 63
Tami Bennett - 45
Ramon Bermudez - 3
Justin Blackburn - 1
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 47
Moira Brunken - 18
Beverly Bryant - 24
Ana Cantu - 1
Lisa Cardillo - 53
Bob Cardillo - 4
Lisa Carroll - 2
Lucina Cervantes - 11
Michael Chatman - 2
Gregory Cornett - 2
Angela Cotten - 97
Missie Craig - 12
Melisa Crooks - 1
Greg Cunningham - 2
David Darty - 1
George Dean - 1
Sarah Dieter - 9
Belinda Duff - 5
Eva Duffy - 8
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 9
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Marcos Garza - 1
Tammy Gill - 1
Timothy Gilliam - 2
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Jimmy Hanks - 1
Kristen Henderson - 1
Candie Hernandez - 3
Beth Herr - 1
Hunter Howard - 1
Bill Hurd - 3
Gary Hutchings - 20
Rachel Jama - 47
Trenton Johnson - 15
Marla Johnson - 1
Felicia Johnson - 79
Dakota Joyner - 9
Sunil Kanjia - 8
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 9
Michele Lafortune - 22
Wanda Lewis - 2
Dylan Lochhead - 1
Maria Lopez-Jones - 1
Stacy Lynn Massar - 27
Chuck May - 1
Jennifer Menting - 17
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Candace Mozingo - 1
Mark Mulch - 19
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 382
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 43
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 222
Christine Shannon - 30
Rene Sinclair - 27
Shelby Smith - 3
Rebecca Smith - 1
Bryce Smith - 5
Monica Solkhon - 1
Malena Solorzano - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Tim Stoll - 51
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 217
Mary Taylor - 15
Kevin Taylor - 16
Julian Taylor - 17
Erica Taylor - 54
Angela Taylor - 1
Karla Terrell - 2
Michele Thompson - 6
Jason Todd - 24
Andrea Trimble - 55
Sarah Uber - 5
Yael VanGruber - 1
Diane Velez - 18
Debbie Viverito - 132
Rachel Walsh - 2
Nick Walton - 79
Spring Weeks - 9
Clint White - 2
Michael Worley - 164
Martina Worley - 2
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

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


Other Locations