1. What is a short sale?
A short sale occurs when a lender accepts less than what is owed on the mortgage.
2. How do I know if I qualify for a short sale?
You must show a hardship. If you are behind on your payments or unable to continue making payments and can show a hardship, you may qualify for a short sale.
3. Am I responsible for the bank's loss on a short sale?
Some banks will release you from all liability and others will require you to pay back the deficiency. Midwest Short Sales, Inc. will try to negotiate a full debt release but can not guarantee this. We will notify you of the bank's position once an approval is received.
4. How long does the process take?
It can take anywhere from 30 days to 160 days. We are persistent in pushing lenders to move the file as fast as possible.
5. What if the foreclosure process has already started on my home?
We can still process a short sale. Most lenders will postpone a sheriff sale date if a short sale is in process. The lenders would prefer to do a short sale than have the property go to sheriff sale.
6. I have two lenders. How does a short sale work with more than one lender?
We negotiate with both lenders at the same time. We work to get both of the lenders to cooperate with each other on the amounts they will accept.
7. What do I need to do to start the short sale process with the bank?
Contact a realtor and have your property listed. We would be happy to refer you to a realtor. Contact us to obtain our short sale packet that will need to be completed. We will take it from there to negotiate with your bank for a short sale approval.