A couple weeks ago I was contacted by a seller who wanted help listing their home in Aldea Reserve in Davenport as a short sale. They had not paid their mortgage since the beginning of 2010 and were afraid if they didn’t do something soon they were in danger of having the home foreclosed on and they were hoping to avoid that kind of hit against their credit.
Of course I agreed to try to help. We got a letter of authorization and I got in touch with the lender and started the short sale process. We were in the process of listing the home for sale and the lender called to inform me that the home had been scheduled for a foreclosure sale. In two weeks. They also informed me that they would not cancel the sale date unless there was an approval on the short sale. Essentially we were stuck in a rut.
Even if we could have gotten a buyer on board and submitted the whole short sale package they planned to foreclose on the home and were not willing to bend. We got a trusted real estate attorney involved in hopes that he could somehow stall the foreclosure date to give us time to process the short sale. He couldn’t help unfortunately. The owners has just waited too long to start the process and there was no way for him to stop the sale unless they went bankrupt, which they were not willing to do.
The owners hadn’t paid their mortgage in a little over two years. By the time they started looking for serious help with the problem it was too late. Sadly, their home was foreclosed upon yesterday. I feel terrible for them and I know I could have helped them with a successful short sale if they had contacted me earlier and we had time to process the short sale.
If you are in this kind of situation, sticking your head in the dirt and hoping the problem will go away just isn’t the solution. The problem isn’t going anywhere until you take steps to solve it. We can help you with your Davenport Short Sale! All you need to do is call!
Image courtesy of Lehigh Valley, PA at Flickr