Approved Short Sale Can Stop Foreclosure Process

September 24 2012, By , No Comments

According to recently released data by Ticor Title the number of Notices of Default filed in Washoe County is up to its highest level since October 2011 with 207 Notices filed. Homeowners that received these notices should act quickly to avoid being foreclosed on. Homeowners who have listed their property for short sale, received an offer and received short sale approval, can in many cases stop the foreclosure from being completed. According to Fannie Mae and Freddie Mac Guidelines for their new Standardized/HAFA II short sales effective 11/1/2012, the servicer “must not issue a certification to the foreclosure attorney (or trustee) if: an approved purchase offer for a short sale is scheduled to close.” Under the FHA Pre-Foreclosure Sale program once a seller is accepted into the program and an Approval to Participate is issued, the seller has 120 days to market the property for an offer. Foreclosure does not proceed during this time period.

Sellers if you have recently received a Notice of Default and have exhausted other foreclosure prevention options, a short sale may be the best way to avoid foreclosure. Call me today and I can help you with the answers you are looking for.

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