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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7232
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I have been requesting a short sale home past 9+ months. My

Customer Question

I have been requesting a short sale for my home for the past 9+ months. My house has been on the market for over a year. the mortgage company refuses to give me an answer one way or another. There have been at least 6 potential buyers, one cash. my loan has been in 'underwriting' for a least a month.
*is there any legal method by which i can demand that they speed this process up?
I believe they are hoping that I will give up and just file bankruptcy.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

The last short sale I did for a seller was in 2011 and it took two years. Nine months is not an unusually long period of time to get a short sale done. There is no way to speed up the process short of going to Congress and forcing them to change some of the crazy rules and regulations that are now governing mortgage lending. A lot depends on how experienced the selling broker is in handling them. In the meantime, I hope you haven't moved out and have been living for free and saving up money to buy a new home. That's my advice to people in your position. If you have already moved, then all you can do is remain available to eventually close a sale to someone, or the bank will eventually foreclose. In the meantime we all pay for the eventual huge loss which the bank will pass through to whoever insured the loan.

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