Hi, Rich Kemper here from beautiful FishHawk Ranch which is located in Lithia, Florida. I serve the Brandon area which includes Brandon, Valrico, Riverview, Lithia, FishHawk, Apollo Beach, and Plant City. If you are looking to buy, sell , or rent in any of these areas I would love an opportunity to serve you. I have a PROGRAM for those in the military, school teachers, police officers, or fire fighters so make sure to check it out.
I had a homeowner call me the other day with a question. Her house was on the market as a short sale, but it ended up with the bank taking over the property and instead of a short sale the people ended up with the home being foreclosed on. She said the foreclosure was really damaging to their credit. They can't even get a loan for a new car.
So, I will do my best to explain some of the reasons homes sometimes end up in foreclosure rather than a short sale. As a realtor I ask very personal questions when taking on a short sale. Have you missed any mortgage payments? How many mortgage payments? Have you got a letter from your lender yet regarding foreclosure? Do you have liquid assets that are not part of a retirement account? Do you have some type of hardship or are you upside down and want to move on? Lots of questions.
Remember, I am a realtor, not a lawyer, but my experience is a lender won't consider a short sale if you aren't behind in your mortgage by at least 3 months and you must show you don't have the ability to pay your mortgage.
With the woman who called me, the reason appeared simple. It was time. She hadn't paid her mortgage for 8 months when she called a realtor to list her home and try to short sale the property. Florida law is 6 months at which time the lender can foreclose. In reality things seem to take a bit longer than 6 months and it seems some lenders take longer than others to foreclose on a property. By the time the realtor got the home listed and started to market the property the foreclosure was already in the works and they sent notice to owner and then came and changed the locks.
In this case, the short sale didn't happen because of time. A general rule to follow is 3 months. If you have not made a payment in 3 months you need to get a realtor involved so they have time to get your home on the market and get a buyer before the lender forecloses, serves notice, and changes the locks. There are more reasons why short sales don’t happen and homes end up in foreclosure. If you have any particular questions about short sales and or foreclosure please feel free to send me an email to richkemper@kw.com.
Rich Kemper
REALTOR, Keller Williams Realty
CDPE - Short Sale Specialist
PCS Military Relocation Specialist
Cell: 813.777.5332
Fax: 813.684.8400
Email: getrichquick2@aol.com
I don’t work from 9 to 5. I work from start to close!
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