For agents
Do I have to give up part of my commission?
No. We do not take a referral fee or any part of your commission, and we don't charge your seller.
How close to the sale date is too close?
Send the file as soon as there's a sale date, even if it's close. Timing affects what the servicer is required to do, so earlier is better, but we'll review any file you send.
Will you talk to my seller directly?
Only with your permission and usually with you on the call. You remain the point of contact for your client.
What do you need from me to start?
The property address, the mortgage servicer, the foreclosure sale date, and your contact information. If you have a signed contract or a hardship letter already, even better.
For homeowners
What is a short sale?
A short sale is when your lender agrees to let you sell your home for less than you owe on the mortgage. The lender accepts the sale proceeds, and the home is sold on the open market instead of at a foreclosure auction.
Is a short sale better than foreclosure?
For many homeowners it is less damaging. A short sale typically has a smaller long-term effect on your credit than a completed foreclosure and can shorten how long you wait to qualify for a new mortgage. Whether it's right for you depends on your situation, including any deficiency balance, so talk it through with a housing counselor or attorney.
I already got a notice of sale. Is it too late?
Not necessarily. Many homeowners still have options after a sale date is set, but time is the most important factor. Call us as soon as possible.
Do you charge homeowners?
No. We never charge homeowners, and you should be cautious of anyone who asks for money up front to stop a foreclosure.
General
What is the difference between a short sale and a foreclosure?
In a short sale, the homeowner sells the property with the lender's approval for less than the loan balance. In a foreclosure, the lender takes the property through a legal process, often ending in an auction. A short sale usually gives the homeowner more control over timing and less long-term credit damage.
How long does a short sale take?
It varies by servicer and investor, commonly anywhere from a few weeks to several months after a complete package is submitted. Incomplete packages are the most common cause of delay.
Are you attorneys?
No. We are not attorneys and do not provide legal advice. When a situation calls for legal guidance, we recommend consulting a licensed attorney.