No! There is no cost to homeowners. Homeowner commissions and legal fees are paid by the lender. All experienced negotiators will also include junior liens, monetary fines for violations, and personal judgments.

Yes, a homeowner whose financial situation has deteriorated form the time of mortgage origination can request mortgage relief. Also if the home is considered over leveraged under current market conditions, a short sale can be requested.

Yes, it is not uncommon for lenders/services to allow up to $10,000 in relocation expenses to the homeowner for participating in a short sale. Buyers can also offer incentives to the seller that must be disclosed to the lender for approval.

Since the advent of the last market collapsed of 2008 many of the government sponsored programs were initiated to absolve homeowners’ deficiency judgments. Many of those programs have expired but banks are underwriting short sales with similar guidelines. Homeowners should always consult a licensed tax professional on their obligation to a 1099 Misc.

There is no fixed answer. It depends on the workload of the servicer, type of mortgage insurance involved, market saturation of listings, and the price offered to the lender. The average time is 3 to 6 months.

Yes, a short sale can still be done on your property however, it will require separate negotiations with each lender/servicer. In the last market recession, there were certain government mandates in dealing with junior liens. Most servicers/lenders still continue to process under similar guidelines.