Dwan -- we need you!!!
posted earlier, and got one very kind response but need some more help -- particularly from Dwan...
my homeowner's institution starts the f/c process tomorrow. i believe i can s/s until the actual SALE date, as opposed to when it is starting. is that correct?
how long do i have from when f/c "starts" to when the sale happens? (im in KY)
once f/c starts and if we can work out a s/s, what kind of damage does that do to the homeowner's credit given that f/c was actually started (if not completed)?
sorry to be so impatient, but i have some anxious homeowners i'm really trying to help out! thanks for your help.
You can s/s all the way until the f/sale date and through any redemption period you may have. I am not familiar with the foreclosure process in your state. You need to call your courthouse and find out what the time frame is in your state and if there is any redemption period. As for the homeowner's credit; they will already have late payments on their mortgage and anything in public record (like a foreclosure) will show on their report. Should you accomplish a short sale, the foreclosure can be removed and a paid status on the loan will show. You can find these answers in your course. Thanks for the post and best of luck on your short sale...Sharon