FAQ
What is a Short Sale?
A short sale occurs when a mortgage servicer agrees to accept less than the total debt owed on the property.
How do I qualify for a Short Sale?
You need to be experiencing a financial hardship that has caused you to no longer be able to afford your mortgage payments. Additionally, you need to not be able to sell your property for what you owe on it. Some typical hardships can be:
- • Job loss/loss of income
• Death in the family
• Divorce/separation
• Illness
• Medical expenses
• Failed business
• Job relocation
• Incarceration
• Military duty
What is the cost for your services?
There are never any out of pocket fees paid to Distressed Property Negotiators, LLC “DPN”. DPN only gets paid when it successfully negotiates the short sale transaction.
How long does a short sale take?
There is no “cookie-cutter” version to a short sale. A short sale may be completed within a few weeks to possibly several months. The factors that will determine the timeframe for a short sale will depend on who the mortgage servicer is, the delegated authority of the mortgage servicer, if the mortgage servicer is a subservicer or master servicer, if there is mortgage insurance and who, and the potential loss severity for the loan(s). These factors can either speed up the process or delay the process. Most short sales will take about 3 months to complete once an offer has been received on the property.
What is foreclosure?
Foreclosure is the formal legal process of a lien holder to regain the asset or property that was collateral for a note that a borrower has defaulted on.
What is Loss Mitigation?
Loss Mitigation is a department within a servicer that works with a borrower to reach a workout or solution for a default on a mortgage to minimize the servicer’s potential loss.
Does a short sale stop the foreclosure process on my property?
No, the foreclosure process will continue until an agreement has been made by the mortgage servicer and yourself. If a foreclosure auction date is set for your property, it may be postponed until a resolution can be made.
Do I have to be behind on my mortgage to start a short sale?
No, but you must be able to show to your mortgage servicer that you are facing imminent default. Remember, time is of the essence and the foreclosure clock is ticking so please contact us right away to analyze your situation.
What if I have filed bankruptcy? Can you still help me?
Yes, but the property needs to be discharged from the bankruptcy. Depending if you have filed a Chapter 7 or Chapter 13 Bankruptcy will determine the process and timeframe before we can start negotiating a short sale with your servicer/lender.
Should I give you Power of Attorney?
No, you should never give anyone Power of Attorney to short sale your property.
How do I get started?
Please Contact Us by either filling out our online submission form or by calling (623) 237-9761.
