subject: Stop Foreclosure In Riverside Now: What To Know About Short Sales [print this page] It's natural to have a lot of questions about the process when you need to stop foreclosure in Riverside to sell your home short. This is because such a decision only comes up once in a person's lifetime. To help lessen any worry we've answered a few common foreclosure questions about shortselling your home.
Keep in mind that though a short sale is a great way to save your home and credit, it is a very time-consuming undertaking. This involved process may range from 4 months, to over a year. The reason for this is even the basic procedures take a while to finish. To illustrate, mere faxing of a document to a loss mitigator may take a few hours.
Most of the time it's the bureaucratic rules which slows down the process considerably. With the help of a service, you can spare yourself the trouble and headaches of having to do everything yourself in order to stop foreclosure in Riverside. The investor involved will educate you on short sale and will then ask questions to check if a short sale is the best way to go. Alternatively, they also have the option to collaborate with the mortgage company directly.
The investor will go through all of the disclosures one-by-one with you so you understand that you will be selling your home and that you won't be getting any money from the sale. If you are working with a realtor, he or she will want to put your home on the market and try to find a costumer willing to wait for the short sale to complete. Additionally, the short sale package must be accomplished as well. On top of this, as part of standard procedure, make sure you keep your records of past pay slips and tax returns as it will be asked for by whoever you end up dealing with.
Plus, you'll need to write a hardship letter explaining why you can no longer keep up payments and need to short sell your home. There are instances wherein the bank or financial institution is not amenable to a short sale. Don't worry too much if in case the short sale is rejected for now. This is often part of the negotiation process.
Be a good homeowner by getting as many questions as possible out in the open about the desire to stop foreclosure in Riverside. It is their business to help you and for sure they are familiar and knowledgeable on any query you may have regarding a short sale. With their expertise, a depressing situation can be more palatable because they can help you understand your options by knowing what will happen next and what risks are involved in the foreclosure process.
