Short Sale FAQs

Q: My house is going to foreclosure. Is there still time to a short sale?
A: Starting a short sale will not automatically stop the lender from starting the foreclosure process. Through our years of experience, we have contacts with upper-level executives at many lending institutions and strong negotiation skills that can help postpone the foreclosure while we complete the short sale process.

Q: What is financial hardship?
A: A life-changing circumstance from when your loan was originated that caused you to fall behind on your payments giving you the inability to pay the mortgage in the short or long term. A lender will require you to provide proof of the hardship.

Some examples of hardships include:

• Separation or Divorce
• Job Relocation
• Loss of Job
• Reduced Income
• Medical Bills
• Death of a Spouse
• Inability to Work due to Health Reasons

Q:  How much does it cost me to sell my home in a Short Sale?
A:  Nothing. There is no cost to the seller. All fees and commissions are paid by the lender.

Q:   If I have two or more loans, can I still do a short sale?
A:  Yes. Cesi Pagano & Associates has successfully negotiated short sales with multiple loans on the property and even additional liens.

Q:  How long does a short sale take?
A:  A short sale process is a lengthy process. It can take several weeks up to several months for the negotiation process between the lender(s) and the homeowners. Many lenders have layers of bureaucracy, insurers, and investors that we will have to maneuver through in order to get your short sale approved. We will continue to keep you updated throughout the process. Cesi Pagano & Associates has successfully closed short sales in as little as 60 days.

To learn further if a short sale is acceptable for you, consult with Cesi Pagano and Associates directly.

Can a Short Sale Work For You?

Why Would a Bank Accept a Short Sale?