It depends mostly on how quickly your lender reviews your package. Plan on months, not weeks, and start before a foreclosure sale date is set.
The stages
- Hardship package. You submit financial documents and a hardship letter.
- Listing and offer. The home is listed, or you find a buyer, and you accept an offer subject to lender approval.
- Lender review. The lender evaluates the package, orders a valuation, and decides. This is the longest and least predictable stage.
- Approval letter. The lender approves a price and terms, including whether it waives the deficiency.
- Closing. It usually has to happen within the lender's approval window.
What speeds it up
- A complete package the first time
- A realistic price backed by comparable sales
- A strong, well-documented offer
- One point of contact who follows up with the lender
- Starting before a foreclosure sale date
What slows it down
- Missing documents or an outdated package
- A price the lender's valuation does not support
- More than one lien, such as a second mortgage or HOA
- A buyer whose financing falls through
- A switch to a new loan servicer mid-process
Should you wait for approval to move?
No. Start early. Lenders move on their own schedule, and a foreclosure date does not wait for a short sale.
What to do this week
Gather proof of income, two months of bank statements, your last tax return, and a hardship letter. I have closed 400+ short sales with deficiency waivers secured, and I will tell you where your file is likely to get stuck. Send me the address and your lender's name.
Common questions
About Yogi
Yogi Ganeshram, eXp Realty licensed REALTOR, 23+ years, 500+ homes sold, 200+ flips, 400+ short sales with deficiency waivers secured
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This article is general education, not legal or tax advice. Talk to a licensed Florida attorney or tax professional about your situation.
Yoganand Ganeshram PA · Licensed Florida Real Estate Agent — SL 3131685 · eXp Realty in Florida · Equal Housing Opportunity.