Another nail-biting foreclosure fight. This short sale we listed was facing a 7/23 foreclosure date from a mortgage company called Emigrant Mortgage (Emigrant Savings Bank). The home, listed on Munsons Hill in Stafford, VA, is part of a situation that may sound familiar to some…the homeowners faced foreclosure back in 2008, but were offered a refinance deal at a 12% interest rate from Emigrant, with Wells Fargo as the 2nd trust. They were desperate to save their home and agreed. Now, the home is worth less than it was back then and the interest rate on the 2nd trust is about to adjust as well. Its a tough situation to be in! Our short sale team worked hard and convinced the bank to stop the foreclosure proceedings in order to give the homeowners more time to short sale. Time-line typically goes like this:

1) homeowner fills out detailed paperwork in a short sale package, along with a hardship letter explaining their situation

2) package is reviewed and the home is put up for sale

3) we get a good contract in and ratify it with the homeowners signature and send in to bank

4) finally our short sale negotiator makes non-stop calls to check on progress and find a contact to handle the file

5) foreclosure postponement is confirmed and we have breathing room to work on getting short sale approval from the banks involved

These are the basics, of course, but that’s the progression. We are tough at negotiating and we don’t take “no” for an answer. Call if you’d like to talk about this or any other topic relating to short sales (703) 774-9572 or email jennifer@jyhteam.com. Also, click here if you’d like to see an example of a hardship letter typically used when submitting a short sale package Sample Hardship Letter