Our FAQ series has been so popular; we’ve decided to continue posting questions we receive from our agents who are actively in the short sale trenches.

Question: The agent has a client that is 4 months behind on her mortgage payments due to an accident her husband was in. Their mortgage pay-off amount is around 72% LTV so there is no short sale but she is in default. The bank took a payment from her last month but is still pursuing foreclosure. They will not entertain modification because they have no income to service this loan amount. The home has been listed for one week now. How can the agent help her get the bank to back off?

Our Answer: Typically, in a situation like this, the only way you can stall foreclosure is to get a purchase contract to the bank showing them that they are going to get paid off in full. If they see they are going to get paid in full, they will be more likely to stall foreclosure, as they will not want to spend the time and expense of the foreclosure process.

Next week we'll continue with more questions and answers from our agents.