What is a short sale?

Put simply, it is the sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agree to accept less than the full amount owed to satisfy the debt and allow it to be “paid off,” (short).

Foreclosure Process Timeline

• Notice of Default ( NOD) recorded at two months delinquent
  


• NOD Period – 90 days – Borrowers has the right to cure the mortgage throughout the entire 90 days. After 90 days, the notice of Trustee’s Sale can be recorded and published.
  


• Trustee’s Sale – The Trustee’s Sale can be scheduled as quickly as 21 days after the recordation of the Trustee’s Sale notice. In most cases the “sale date” is closer to 30 days after the Trustees’ sale notice is recorded. The borrower has up to five days from the sale date to redeem the loan.