FAQ

1. What are the advantages of a short sale?

A short sale can minimize damaging impact to your credit, and your financial exposure and liability. A foreclosure can remain on your credit for up to seven years, while a significantly less damaging short sale is usually reported as a “settled debt”. With a short sale, your FICO (Fair Isaac Credit Organization) score will not be as negatively impacted as it would be with a foreclosure, and you will be able to get into a new home much sooner. In many foreclosure situations, the lender will ultimately sell the property at a significant discount once they foreclose and repossess the property. The homeowner can then be financially liable to the lender. While the same may be true with a short sale, the homeowner is still involved in the process and can therefore contribute their input and have more control over the sale price of the property, and the potential liabilities. In a foreclosure, however, once the lender repossesses the property, the homeowner is defenseless thereafter.

2. Why would my lender agree to a short sale?

Simply put, in most distressed mortgage situations, foreclosure is the last resort for both parties involved. In order to avoid foreclosure, lenders have come up with various alternatives that they are motivated to pursue beforehand. A short sale gives the lender the ability to cut its losses upfront, thereby avoiding the time and expense of a foreclosure, and potentially greater losses. Lenders want to make loans; they do not want to own and manage real estate. In nearly every case, a short sale offers a better return on the lender’s investment than a foreclosure does.

3. Why should I not negotiate with my lender directly?

Just as most borrowers initially enlist the help of a professional when obtaining a mortgage, we firmly believe it is in their best interest to do so when dispensing with one. At best, you only get one shot to negotiate your way out of foreclosure, and while it is certainly possible to negotiate with the lender yourself, it is highly inadvisable. Most lenders’ loss mitigation departments are understaffed, with overworked loss mitigators contending with parties constantly vying for their attention. Loss mitigators are also very hard to get in contact with, and when you do make contact, there is very little time with which to make your case. Because with work with all lenders, represent homeowners all across the state of Illinois, and specialize in loss mitigation, we understand how to collect, prepare, and effectively present the information that lenders require to seriously consider a short sale. We have excellent working relationships with the lender’s loss mitigation departments, and we will leverage our network and expertise in order to help you solve your problem.

4. How do I qualify for a short sale?

In order to be eligible for a short sale, a homeowner must be able to prove to the lender that they are a victim of a “hardship”, and are therefore unable to continue making payments on their mortgage. A hardship situation is one where extenuating circumstances have forced the borrower into a position where they can no longer afford their mortgage payments.

5. How much will a short sale cost me?

Unlike other loss mitigation companies, Opifer Enterprises provides our short sale negotiation services with no out of pocket cost to the homeowner. We work with your lender(s) and listing agent to ensure that we are paid only from the sale of your home to a third party. Furthermore, we are only compensated if we successfully negotiate a short sale.

6. How long does a short sale typically take to complete?

Every short sale situation is unique and follows its own timeline. Typically, a short sale is completed within two to five months from the time we have a complete short sale package ready to present to the lender. However, in some circumstances, we can successfully negotiate in under a month. Timing depends on how quickly we can begin negotiating with your lender.

7. When should I begin the short sale process?

It is imperative to start as soon as you possibly can. Foreclosure situations tend to be extremely time sensitive. The sooner we can begin the negotiations with your lender, the greater the chance of a successful resolution.