Question: If a foreclosure process is in progress and owner has failed to file a pleading within the time required by law and a motion for default has been filed by the bank for the purpose of accelerating the foreclosure process, can the property owner attempt a short sale?
Response: Generally, until the foreclosure sale is scheduled or the property has already been sold, the borrower under the loan can attempt loss mitigation options to avoid foreclosure sale, including the short sale option. However, from the question, it is not clear at what stage the foreclosure process is in. If the borrower did not file an answer and the bank is proceeding with the borrower being in default, it may be possible for the borrower to file a motion for late answer. If you show a reasonable excuse for lateness, the court may grant it (ex: you were not properly served with summons and complaint, hence you did not know about answering the complaint). If it is too late for that, it is best to contact the bank's attorneys' office to inquire if short sale option is still available. Since everyone benefits more from short sale than foreclosure, they will oftentimes work with you to do the short sale and not schedule the foreclosure sale.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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