; ; Depending on your financial situation, you might also avoid having to file for bankruptcy. NOTES OF CAUTION If you’re behind in your mortgage payments and facing possible foreclosure, be wary of scam artists who seek to take advantage of your difficulties by promising can’t-miss solutions to foreclosure or bankruptcy. A reputable attorney can advise you on your legal rights and negotiate on your behalf with lenders, their attorneys or other parties. A competent real estate professional also can provide invaluable assistance with your short sale. Please note: Merely applying for a short sale won’t necessarily prevent the lender from starting a foreclosure action — or interrupt a foreclosure process that’s already begun. In some instances, the lender may obtain a judgment for foreclosure before granting (or denying) your request for a short sale! If the lender has already begun a foreclosure action, you should strongly consider hiring an attorney to work with you throughout the short sale process.
The lender doesn’t want to lose time foreclosing if the short sale falls through. This further emphasizes the need to move as promptly as possible in every step of your short sale application and process.
GETTING APPROVED FOR A SHORT SALE
Usually, lenders are unwilling to consider a short sale until you have an accepted
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