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There are a lot of terms out there to figure out. Short sale, foreclosure, deed in lieu of, etc. are all terms normally heard in the existing market. At times it can be puzzling trying to figure out what is actually happening. Some short sale clients receive a foreclosure notification and they do not understand what that means. So, let me explain it to you.
When you default on your loan or stop making payments, when you run into the 90 day mark, the bank will start foreclosure measures. Basically, the lender is asking the court for the permission to sell the property to make good on the debit. Foreclosure proceedings take a while to close, especially in Philadelphia.
Here’s what will take place. After 90 days go by and you have stopped making payments, the lender will contact you to speak about it. If you are not able to bring your mortgage current, the lender will start the foreclosure procedure. The foreclosure progression doesn’t mean sheriff sale. What it means is that they are going to ask the judge to allow them to sell the home. This progression can take six to nine months.
We know that potential short sale clients who have their Philadelphia home on the market for short sale often get there property under contract but they still get foreclosure notices. The lender continues the process just in case they have to sell the home at sheriff sale. They do not want to start all over again.
You may be in foreclosure or in the process of being foreclosed upon even while you are doing a short sale. Don’t worry. We will work with your lender to make sure they know that there is an offer on your house. Just understand that you have a lot of time. Let your realtor know that you are in foreclosure so that they can get in touch with your lender promptly and get you the assistance that you need.
Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington