Short sale answers for homeowners and lenders.

A short sale is a sale of your home where your mortgage company agrees to accept less than the loan balance because you cannot keep making the payments. The lender approves the sale price, the sale closes in escrow, and the lender releases its lien. It is not a foreclosure and it is not bankruptcy.

Usually a lender looks for three things: a real hardship (job loss, medical bills, divorce, reduced hours), proof you can no longer afford the payment, and a reason the loan balance is more than the home can sell for. Christine reviews your situation first and tells you honestly whether a short sale looks realistic before you spend time on paperwork.

Your mortgage company does. In an approved short sale the escrow and short sale processing fees are paid out of the sale proceeds at closing — Christine is paid by your mortgage company, not by you. There is nothing to pay us up front.

Not to us. Swift Settlement Escrow is the escrow holder, not a listing brokerage, so there is no listing commission through us. If you choose to list with an agent on your own, that commission is a separate agreement between you and that agent.

In most approved short sales the lender releases its lien and forgives the remaining balance, so you leave closing with no mortgage behind you. Forgiven debt can have tax consequences depending on your situation and current law, so please check with a tax advisor before you close.

It is reported differently than a foreclosure and generally damages your credit less, but it is still a negative item. The point of acting early is that a short sale usually costs you far less credit damage than waiting for a foreclosure to be recorded. Christine can walk you through how the two typically compare for your situation.

No. Some lenders include relocation assistance at closing when they approve a short sale and some do not, and the amount varies. Christine confirms in writing what your lender will offer before you sign anything, so you are never guessing about the money you need to move.

In most cases yes, until the sale closes or the lender completes foreclosure. Keep communicating with your lender while the short sale is pending — Christine can tell you what your lender's policy is and make sure it has your authorization on file.

You may still have time. A short sale can be processed while foreclosure is pending, and a trustee sale date can sometimes be extended while the lender reviews a complete package. Call (909) 435-0271 as early as you can — the earlier we start, the more options stay open.

Yes. The lender decides whether to approve the sale price and the terms, and it can reject an offer or ask for more money. Nothing is binding until the lender issues a written approval. Christine's job is to present a complete, organized package so your file gets a decision instead of being returned for missing paperwork.

Lender approval is the long part — commonly several weeks to a few months — and then a normal escrow closing follows once the approval lands. Your timeline depends on the mortgage company, not on escrow. Missing documents are the most common reason a file stalls, which is why the checklist in your portal matters.

Typically: your latest mortgage statement and loan number, a hardship letter explaining why you cannot keep paying, recent pay stubs, bank statements and tax returns, your lender's loss mitigation contact, the buyer's offer and purchase agreement once you have one, and HOA details if you have one. Your short sale checklist page lists the full set and you can upload each item as you find it.

It is a short form that lets your mortgage company talk to Christine about your loan. Without it the lender cannot discuss your file with us, which is the single most common reason a short sale stalls. You mark it signed in your portal and the lender is notified automatically.

Not to work with us. Many homeowners sell directly to a buyer. If you want an agent's help, that is your choice and a separate agreement — Swift Settlement Escrow stays the neutral escrow holder either way.

The approval letter sets the sale price, the seller contribution, and any conditions, usually with a deadline to close. Christine opens or continues escrow, coordinates the buyer's lender, title and HOA paperwork, and gets you to the closing table with the payoff and lien release handled.

Sign in to the short sale portal with the same email you used on your request. You will see the current stage, which documents are still needed, the dates that matter, and a message inbox. Christine is notified automatically whenever you upload something.

We act as the neutral escrow holder: we assemble and submit the short sale package to you, keep the borrower's authorization on file, track deadlines, present the offer package with the buyer's funds and timeline, and close the transaction once you approve — including payoff figures, lien release and the settlement statement.

Mortgage companies we work with get an invitation to the lender portal, where you can submit the loan number, borrower name, property address, your document requirements and deadlines, and upload files directly. Every submission and stage change notifies Christine the moment it happens.

The lender checklist page lists the documents and forms we ask for on a typical file: authorization, hardship and financial package, property and loan information, the offer package, and what we send after approval. Requirements vary by lender, so Christine confirms your specific list on each file.

As soon as the buyer's package is complete — offer, proof of funds or pre-approval, purchase agreement and the buyer's timeline. Incomplete buyer files are the usual cause of delay, so Christine verifies funds before presenting rather than sending you an offer you will send back.

Every lienholder has to be dealt with before the file can close. Christine identifies all recorded liens early, contacts junior lienholders and the HOA, and keeps their demands and deadlines in the file so nothing surfaces the week of closing.

Yes — Christine sends an invitation to your company email. The first sign-in sets your password and the account is tied to your company address, so files submitted through the portal are clearly yours.

Christine Quintana, our office manager, processes short sales herself — she has 20-plus years of escrow experience and is your single point of contact from the first call through closing.

Yes. Swift Settlement Escrow is an independent escrow company licensed by the California Department of Financial Protection and Innovation (DFPI), License No. 96DBO-216415. You can verify it on the DFPI license search at dfpi.ca.gov.

1652 Plum Ln #102, Redlands CA 92374. Office (909) 435-0271, fax (909) 533-2381, open Monday through Friday 9am–5pm.