It's never too late! Usually to stop an auction we need an offer, but it's never to late to make that call to stop the auction.
Many times I've had homeowners behind a year and we just start the short sale process. So many home owners think that the short sale will cost them money. They are not aware that the bank pays the attorney and Realtor fees, so they wait.
It's never recommended to wait, but if you receive an auction notice you must act now! For More Short Sale information, visit: www.LocalShortSalePro.com
Once the auction take place, the bank is formally taking back the property. At this point in time, your next contact will most likely be a Realtor. This agent is hired by the bank to list your home and be the eyes and ears for the bank. They will most likely visit the home and leave a notice on your door, called Know your Options. This notice will let you know who is in charge of your home and possible talk about relocation assistance otherwise known as, "Cash For Keys" and the rental option.
Don't get too excited the rental option is for tenants who are living in the home with a lease, at that point we ask that the tenant turn the lease over to the bank for review. They will deceide whether or not they want to honor the lease.
The relocation assistance is known as Cash for Keys. Another words, "you give me the keys and I'll give you a check." The amount is always negotiable and the sooner you move out usually the larger amount is offered. You must agree to leave the property in broom swept condition.
If you reject the cash for keys the lender will move forward with the eviction process. For more information on the foreclosure process, visit: www.RealtyKim.com
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