Levi Wilson |
Short Sale Experts at Ned Baker Real Estate A short sale can be a complicated process, but you don't have to figure it out alone. Part of our goal as a Certified Distressed Property Expert® is to negotiate with your lender to approve a short sale offer. As part of our negotiation, a signed authorization letter will allow our agents to speak directly with your lender, so you don't have to. Following the authorization form, an extensive, well planned packet will be delivered to your lender which will include vital documents needed for the approval of a sale. You can take comfort in knowing that our team will show every effort to facilitate the best outcome for you and your family. IMPORTANT NOTICE: Ned Baker Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, the lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
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Ashleigh Armenakis |
FREQUENTLY ASKED QUESTIONS
Must I be behind on my mortgage to negotiate a short sale?
Lenders are looking for verifiable hardships, including but not limited to, job loss, divorce, medical illness, loss of spouse or supporting income, hourly shortfall, pay decrease, job relocation, etc.
Will I be locked out of my home for missing a payment?
Yes, this can eventually happen if you do nothing. Please see the foreclosure timeline answer below. Doing a short sale and having us communicate directly with your lender on your behalf puts you more in control of the process.
Will there be enough time to negotiate a short sale before foreclosure?
Foreclosure is a lengthy process, and may take the bank up to 6 months to begin the process. In many cases, a lender can stall a foreclosure up to the date of the foreclosure sale. We prefer that you contact us at least 30 days prior to the foreclosure sale so we can advocate postponement and find a buyer.
What is the foreclosure timeline in Oregon?
A Notice of Default is issued by a lender typically after the mortgage is 60-90 days late. Once the lender decides to give a Notice of Default they will schedule a foreclosure sale that must be set for at least 120 days after the Notice of Default. The lender can then postpone for up to 180 days from the foreclosure sale date. Most foreclosures in Oregon are non-judicial. A deficiency judgment cannot be obtained through a non-judicial foreclosure in Oregon.
Why would a lender agree to lose money?
A lender loses more money if they incur additional expenses from a foreclosure. Lenders are in the business of lending money, not owning homes. The more money they have tied up on a foreclosure, the less they have to lend out.
Why a short sale? What are the benefits?
There are many advantages to a short sale versus a foreclosure. When completed correctly your credit score may not be as dramatically affected by a short sale. If you experience a foreclosure, your credit score may be lowered anywhere from 250 to over 300 points, which may affect a score for 7 years.