It is no secret that in today’s economy many people are struggling to make mortgage payments. What are you to do if you find yourself in similar situation? Are there other options except Short Sale available? Will this adversely affect my credit score? Losing a house is scary and confusing. If you are careworn with a similar situation, trust me, you are not alone. The following will not only explain what a Short Sale consists of, as well as, the certain advantages over foreclosures.
I. SHORT SALES: Help for the Burdened Seller
In a struggling economy, Short Sales have become all too common In Jacksonville, as well as, across the United States. You may be asking, what exactly is a Short Sale?
Short Sales are Sales of real estate in which more balance is owed on the property than the potential Sale proceeds. The remaining loan balance after a property is sold through foreclosure called the deficiency.
When executed properly, most lenders will dismiss the deficiency. The only evidence of a Short Sale will appear on your credit report. However, do not be weary. A Short Sale will result in fewer points deducted than a foreclosure.
The difference between a foreclosure and a Short Sale in Jacksonville, FL or any other city is the difference between “being hit by a train or a bus.”
Once you, the seller, decide that a Short Sale is the best choice for you, call a professional, who can help you with the Short Sale process. If you don't know anybody who works in the Real Estate Industry, call any Real Estate Agency, and a Realtor who specializes in Short Sales. The Realtor will give you general information about the process and will help you to start the process, by first making a listing agreement.
Please note: In order to have a Successful Short Sale transaction you need to have an offer from the buyer for Short Sale.
Remember, no offer, no Short Sale!
When you are working on your Short Sale package, be truthful!
Do not lie, dismiss, or try to cover up any financial problems. It will be to your best advantage to be completely honest. Remember to include a hardship letter that explains why you are struggling to make payments to the mortgage company. Remember, do not be ashamed. Countless Short Sales and foreclosures happen every day.
The Short Sale itself will be the first, productive step to ease your financial burden and hopefully earn you more financial freedom in the long run.
SHORT SALES: Deficiency Judgment in Florida
As mentioned above, in most normal Short Sales in Jacksonville, Florida , the lender will dismiss your deficiency. However, Florida is one of the Recourse States and deficiency judgment in Florida DOES exist. If instead you foreclose on your house, in the state of Florida, it is your responsibility to repay the deficiency. Some lenders will still dismiss the deficiency; however, some will seek to recover it.
Once the foreclosure is complete, a lender can seek a judgment against you, and motion for a lawsuit. The lender has the legal right to seize your bank account and wages up to twenty years, and adversely affects your credit score for seven years.
Deficiency is a scary and serious process.
Be well-informed of what your choices and consequences. In the case, a foreclosure seems inevitable, look into the possibility of Short Sale through a loss mitigation company .
Short Sale may not save your home, but will rid you from the possible deficiency judgment. Furthermore, although Short Sales will lower your credit score, the option of Short selling will not nearly hinder your credit score as much as a foreclosures would. Improvements in credit score will happen in as little as one to three years. Seek help and answers immediately if you are finding yourself in a struggle to make payments.
GET FREE SHORT SALE EXPERTS HELP in Jacksonville Florida NOW!
We are a group of certified loss mitigation consultants, Realtors and Investors who work as a team in Jacksonville FL in order to provide superior solutions to our customers' needs.
When it comes to Short Sales, our experience and expertise make the difference.
Call us today: 904-588-5888
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