Foreclosure University Forum

Do I still have a chance of avoiding foreclosure?

by CA.SantasHelper, Saturday, April 10, 2010, 20:41 (3447 days ago) @ wjk9673

Wow, I hope it worked out. Most lenders require a minimum of 14 days prior to trustee sale to look over an offer and sometimes it takes them that long just to scan the short sale package into their system. So that means an offer has to be put in first. You don't need a buyer at this point, but you do need to have submitted a short sale package to the lender. Some lenders require their own specialized forms for the submission. I would call the first and second, etc... lien holders in that order and tell them you will be submitting a short sale package tomorrow and ask for a one month extention. They give extentions a month at a time. The hard part (not for me mind you) for you is putting together a short sale package in one day. Usually I can do it in one day if I have all the homeowners income documentation already and a list of what I need from the homeowner is the first thing I send out to them because sometimes it is the hardest set of information to collect.

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