Can you shortsale after notice of foreclosure?
Can you do a shortsale with a lender if they have already had their lawyers send out a notice of foreclosure? The actual foreclosure date hasn't come yet, but the notice has been sent and an ad in the paper has been placed. Can I still do it?
Well, I've only been on these boards a few days, so my 2 cents might be worth about 1. (Anyone wanna do a deal on it?) But from what I've learned, EVERYTHING is negotiable, ALWAYS. I'll bet there at least 100 someones here who can give you the inside scoop on the hows.
Good Luck,
Lou
No definite answer here -some will, some won't - YOU'VE got to get off the fence & make the proposal.
Your biggest problem is time (which is obviously short) so worrying about whether they'll say no is just taking up more of the precious little time you have.
A quick phone call should let you know where you stand - they'll probably require proof of funds (in order to postpone & work with you) or just set the deadline prior to the sale. In either case you won't know until you call.
GO GET 'EM!
Hey tonyt33,
Yes, I'm currently working with the owners and the lender on a note from a property that's 10 months into foreclosure...Have the owners sign a "Authorization to release info." form so that you can work with the lender on the owners behalf...
They're going to want to know the offer you have on the prop. so you'll want to make this much less than the actual amount of the note... I'm asking for about 70% off of the $33k owed. comes out to about $23k off....
If you have a buyer for the property, have the buyer submit the proof of funds on your behalf...the lender I'm working with seems very cooperative...I've heard most are not...I'm guess I'm lucky on this one. She tells me that we can get this done in about 2-3 weeks....the sale of the prop. is in Aug.
BTW, this is on the 2nd lien.
Hope this helps,
Clif