This question will depend on each lender/mortgage company. I have seen clients miss 3 payments and the sheriff sale be ordered. I have seen other clients go a year with no payments and no sheriff sale. Once the sheriff sale happens, you will have six months from that date and then the home or property will be owned by the bank. If you’re a tenant and you are renting from someone that has a sheriff sale, the bank will give you 90 days from when they take the property back. This can vary from bank to bank.

When is it to late to short sale? This depends but most of the time within two month of the redemption period ending (6 month period after the sheriff sale in Minnesota) is not enough time to work with the bank.

Remember, banks don’t want your home back. They have so many homes that they would rather work with you to short sale it. The government is working with the banks and gives them incentives to work with you. You can receive $3000 to move through the hafa program.

The bank doesn’t want the property back but they have already made their money and don’t want you to stay in it either since you have most likely have missed payments and once that road has been gone down they know that there is a very unlikely chance you will recover. A lot loan modifications fail within 6 months since the factors that caused you to miss payments are the same that make your loan mod fail.

If you have missed payments and want to know if your sheriff sale has been ordered or has occurred you can call your local sheriff and they can tell you.

We have closed short sales within 10 days of redemption being up. It is your choice if you want a foreclosure on your credit or just a settlement for less than full balance(short sale).

One call make a difference in your life for the next 5-7 years.