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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » Foreclosure on house while its up for short sale?

Foreclosure on house while its up for short sale?

My parents house is on short sale and they have one buyer, but the foreclosure letter came today and said that the house will be up for auction in nine days. Where do they go from there? Do they have to leave if the house technically is for sale? Also, there is one person who offered a price. Any info will help, thanks in advance.

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8 Responses to "Foreclosure on house while its up for short sale?"

  1. mcdannells says:
    Hello,
    Have them do anything and everything to hold off this foreclosure process!
    Have them call the bank or whomever who carries the contract. Communication is the best thing!
    They may have to set up some kind of payment, they are behind but with some talking might be able to save there arces.
    Otherwise start packing up :0(
    Wish you and your parents all the luck in the world!! I saw on CNN people getting evicted and it darn near made me cry!!
  2. !!! says:
    If there is an Agreement of Sale talk to the lender.
  3. goz1111 says:
    obviously talk to the lender see if they are willing to wait to see if this buyer and short sale will work out

    but on the other hand, the lender may think either the short sale price is to low, the deal will not go threw for a reason, or its been so long waiting for a deal that they just want it off the books, in these cases in nine days the house will be sold at auction

  4. Landlord says:
    being up for sale does not stop a foreclosure. The bank usually agrees to a time frame, usually 4 months when they originally agree to the short sale.

    From the sounds of it they need to move out, the house will be REO in 9 days and they can not longer live there.

    The offer made was only good for 72 hours, so it will also be void (expired) before the bank reclaims their property.

  5. Kat says:
    When the short sale was started, the Realtor should have contacted the bank (because it can’t be a short sale without the bank’s approval), so the bank should be aware the house if for sale. Once there is a legitimate offer, the offer should be turned over to the bank.

    The bank will order an appraisal of the property (this takes anywhere from 21-60 days depending on the bank), then decide whether to take the offer, or continue with the foreclosure process. If you’ve had an offer on the property and that offer has NOT been forwarded to the bank, your Realtor is not doing their job. Get that offer to the bank ASAP.

  6. Real Estate Loop says:
    If you have a contract for sale (offer) on the house then the bank should work with you. The last thing the bank wants these days is more red on the books.

    But there are plenty of ways to postpone the foreclosure. Have you looked into filing for bankruptcy? Chances are you will not be accepted into bankruptcy but just filing for it will give you an open window for about 30days to get denied, for which the bank will not be able foreclose on the house.. I am an investor and I have saved houses 20min before the auction by using this method.

  7. Photographer says:
    Hello

    Please go to this website: http://www.almahelp.com/alma/request/

    This is the only company I have found that is a reputable loss mitagition company that WONT charge anything upfront…. they will only charge you IF THEY CAN HELP,… unlike those other companies requesting anywhere from $1800-2500.00 UPFRONT, yet they cant gareentee they can really help….. ALMA cant either but at least they dont charge unless they do help.

  8. Jennifer says:
    Hi,
    I used “Credit Solution” to settle my debt and avoid foreclosure.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://yatuc.com/bid

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