A gray area for many homeowners is what happens after a short sale. There is no rulebook or information that is readily available that teaches the waiting process after lenders approve a short sale. Completing the first round of the short sale process can seem like the longest part, but there are many days of waiting still ahead when you fight to stop foreclosure. Another round of waiting happens and the company or entity that you have completing the short sale could take a long time to get things done. A property is not simply sold immediately upon lender approval. There are many things that must be done in the meantime.
What Happens After a Short Sale
The appraisal is one thing that happens upon approval from lenders. The actual approval process can take months to complete. If you are treading water in foreclosure, you could miss out on the benefits that could be available with this stop foreclosure method. An accurate assessment of the home value is required before a notice of short sale approval will be granted. After it is approved, things like a home inspection, pest control protection and title searches must be done before a new owner can take possession of the property. This work usually lies in the hands of a third party or investor that ends up buying your property. Short sales are not sealed in stone because a buyer can always back out of a deal. This will put you right back into foreclosure.
Many homeowners find it beneficial to have a backup plan that includes multiple buyers for a property. This can assure that if someone does back out that another option can be explored. The search for a new property, going through the lender approval process and the impact on your personal credit are all things that happen after a short sale stops the foreclosure process. Depending on the amount that is forgiven by your lender, a deficiency will be placed on your credit report and you are not notified in advance of it. Any debt that is forgiven could likely be taxed causing you to pay out more money at the close of the taxable year. You can avoid foreclosure although without professional assistance you could find yourself going through new financial problems.
“What Happens After a Short Sale”
Avoid Foreclosure is made up of an entire team of specialists that know how to stop foreclosure for any homeowner. Struggling to pay bills is one thing and being slapped with a notice of foreclosure can be your worst nightmare. Everyone is your friend when you own a home and few people are left standing around you when you need help the most. What brought you to this website was your personal motivation to get help and do something about your desperate situation. We provide the help that can get you out from under your mortgage burden for good. Call our experts at 1-800-589-4106 right now. We can help you avoid foreclosure. We explain exactly what happens after a short sale.