Can I Do a Short Sale if I’m in Foreclosure?

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The short answer is maybe, maybe not.

Not clear enough?  Read on.

In California, most foreclosures are done as non-judicial foreclosures, meaning that they do not require that a lawsuit be filed.

California Non-judicial Foreclosure Process

1. Notice of Default (NOD) is filed
2. Trustee must wait at least 90 days after the NOD is filed  to file a Notice of Trustee Sale (NTS)
3. 21 days after NTS is filed, trustee can hold an auction sale

The process can take longer than this, and frequently does, but the speed at which the trustee moves is typically up to the bank/servicer/investor.

So, back to the question, can I do a short sale if I’m in foreclosure?

The likelihood of being able to successfully complete a short sale depends upon several things:

1. When in the foreclosure process you start your short sale.
2. How quickly you receive an offer.
3. How quickly you provide a short sale package to your agent to submit to the lender.
4. Which lender/servicer/investor you have.
5. How many liens there are against the property.
6. How knowledgeable your agent is about short sales and the process of completing them successfully.

If you have waited until the foreclosure process has begun, the best bet for a succesful short sale is to find a knowledgeable short sale agent and start the process immediately.  Waiting or sticking your head in the sand and hoping it will get better is likely to result in foreclosure.

There are options, and the best thing you can do is talking to a knowledgeable short sale agent as soon as possible to discuss your option.

We have successfully completed short sales where a notice of trustee sale has been filed, but it can result in additional anxiety and nail biting for the seller.

If you are concerned that you may be in danger of foreclosure or are in foreclosure and have questions, please contact me at 714-319-9751 for a free consultation.

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Federal Government Disclaimer (MARS) 

1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.