Aug 072014

Short Sale Process

With the recent problems with the economy and real estate market, many people have found themselves in a very difficult financial situation. The home they had worked so hard to purchase is no longer worth what they had paid, they may have lost their job or are facing other serious economic circumstances and now find themselves in a position where they are no longer able to pay their mortgage. While it is always a difficult decision to make, choosing a Florida short sale can certainly be a better option than allowing the property to go into foreclosure. Fortunately, the short sale process in Florida is rather straight-forward and something that can give the homeowner a fresh start.

We can help with a Short Sale Process In Florida, contact us now!

In a Florida short sale, the bank or lender agrees to the sale of the property for an amount of money that is less than what the current homeowner still owes on their mortgage. Of course, this leaves a deficiency that could create a situation where the original lender could seek remediation in the way of a deficiency judgment. This judgment can follow the homeowner causing garnishment of wages and other financial hardships until the deficiency has been resolved; however, in Florida, the vast majority of lenders agree to forego the deficiency judgment.

With a lender who is willing to work with the homeowner, it is possible to avoid the foreclosure process and all the negative ramifications that this type of move can cause to one’s credit history. Both parties can agree to settle on a short sale of the property, the lender gets a significant portion of their money back and can avoid the long foreclosure process and the homeowner has an opportunity for a fresh start. This is not the ideal situation, but it is certainly much more advantageous than the emotional and damaging foreclosure process faced by so many homeowners today.

Rather than walk away from a property that you can no longer afford, working through the process of a short sale can be an excellent way to settle your debt and begin again without the burden of owing a huge sum of money. It is important to note that a deficiency judgment can still be sought by the lender, but this would require them to file another case in court. The lender is often just as willing as the current homeowner to work out a solution that will allow them to get back the majority of their money that is still outstanding and will typically waive their right to file for a deficiency judgment.

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