Louisville Short Sale Expert: Helping You Avoid Foreclosure

Does the Short Sale Negotiation Stop the Foreclosure Process in Louisville, KY?

By David Halpern, Louisville Short Sale Expert, (502) 664-7827 or 895-3100

Does the Short Sale Negotiation Stop the Foreclosure Process? The short answer is “No, but there still are options to avoid foreclosure”.

Now for the detail:

Your Lender Does Not Want To Own Your Home

Your lender is probably 1,000 miles away. They would rather settle and get a check rather than get the keys to your house. In general, the lender reduces their losses by doing a short sale because they don’t have to incur the losses involved in a long foreclosure process.

However, even when a short sale is initiated, the lender still continues the foreclosure process. They run two parallel tracks: Short sale on one hand, but foreclosure proceedings just in case the short sale doesn’t work out.

A Skilled Short Sale Realtor Can Get Your House Pulled From The Foreclosure Auction

If the foreclosure auction gets scheduled before the short sale is finalized, a skilled short sale Realtor can get the lender to withdraw the house from the auction. That gives the lender, the Realtor, the seller and the buyer time to wrap up the short sale.

Sellers Sould Start The Short Sale Process Sooner Rather Than Later

In some cases, the closer the house gets to the auction the lender is less inclined to withdraw. Sometimes they respond with “we’ll take our chances at the auction”.

Therefore, sellers should start the short sale process as soon as they know there’s a problem. The short sale process takes many months, so starting early still gives the seller time to orchestrate their next step.

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