Short Sale FAQ

Short Sale FAQs

We know you have a lot of questions and we want to make sure you understand that we are available to answer your questions every step of the way. Communication and proper legal advice is the key. Below, you will find a list of frequently asked questions:

How behind in payments must I be before a lender will consider a Short Sale?
Should I transfer title to my property to avoid a foreclosure?
How long should I wait to begin the Short Sale process?
What information do you need in order to begin the process?
How much will this cost?
Why should I choose First Consolidated Title Service, Co?

Q: How behind in payments must I be before a lender will consider a Short Sale?

A: "Once you are behind one or two payments, you should contact us so that we may establish initial contact with your lender."

Q: Should I transfer title to my property to avoid foreclosure?

A: Many people feel that if they transfer title of their property to a third party, their problems will go away. In truth, transferring your title gives that third party the right to do what they please with your property. You are STILL responsible for your mortgage, tax and insurance payments. In fact, most mortgages have what’s called a “Due on Sale Clause” which gives the lender the right to call your loan due. Also the bank can and will foreclose on the property even after it is transferred to a 3rd party. Seek proper legal advice before making certain decisions. Call us for more information.

Q: How long should I wait to begin the Short Sale process?

A: Timing is key. The sooner you begin the short sale process, the more likely we can ensure the success of the short sale. Coordination between you, our organization and the lender, will assure an understanding of the future steps that will be needed in order to complete a successful short sale.

Q: What information do you need in order to begin the process?

A: We have a Short Sale Package that we can provide to you either via e-mail, fax, or regular mail, which provides all the forms to be signed as well as a checklist identifying all the documents you need to provide.

Q: How much will this cost?

A: As the seller or buyer, there is no direct cost to you for the short sale process. There may be some minor charges for inspections and other requirements. But you will always be informed ahead of time if any charges will be required. The buyer will have typical mortgage and appraisal charges, which are, of course, standard in any mortgage loan.

Q: Why should I choose First Consolidated Title Service, Co.?

A: We have the professionals and systems in place to commence negotiations with lenders in all 50 states. Our staff includes Real Estate Professionals, Real Estate Attorneys, Licensed Title Agents, Mortgage Experts, Inspectors, Appraisers and Paralegals who expertly and expeditiously handle your short sale negotiations and issues arising therein.

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First Consolidated Title Service, Co.

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