Florida Short Sale Foreclosure Fundamentals

April 26, 2011 By Nicholas Goglucci

Like much of the nation, the overwhelming feeling of helplessness in dealing with banks is staggering. There actually are steps you can take to ensure your financial situation and avoid foreclosure on your home.

Homeowners are feeling the pressure of handling the process with the bank alone. You are not alone, hundred of thousands across the United States are facing this crisis.

People need compassionate help and guidance through this difficult time. The real estate market has crashed, people’s homes are under water financially, and there is someone who understands the difficult choices that a homeowner has to face concerning your financial situation and your home.

There are many myths concerning short sales, and I want to clarify something up front. There is hope beyond a short sale of your home.

The definition of a short sale is when the market value of a property is less than the amount of the mortgage amount owed.

Banks have to agree to the sale for the reduced amount, and in most cases a release of deficiency to the borrower, which simply means that they cannot come after you of the amount owed that the proceeds of the sale does not meet the total payment of the note to the bank.

Make every step to secure a buyer for your home through a qualified short sale professional. Work with the bank to secure a short sale, it will benefit you and your future financial well being.

New Fannie Mae guidelines allow a successful short sale borrower to purchase another property after only two years, foreclosures is 7- 10 years.

Another reason to try to avoid foreclosure is that banks record the “Final Judgment of Foreclosure” with the county official records department where the property is located – it is very easy for employers and others can simply go there to find a foreclosure under your name.

A short sale is matter of privacy, no one can see the short sale recorded unless a credit report is pulled. A foreclosure is public record.

It is a benefit for the homeowner to short sale the property before the bank completes the foreclosure process, firstly because the borrower can get on with their lives having dealt with financial situation concerning the property without giving up and simply “walking away”.

Secondly, from an emotional standpoint, the homeowner can have a closure to the situation having “satisfied” the lender’s short sale agreement saving the bank thousands of dollars in foreclosure proceedings and attorney fees.

Short Sales are the way out of a bad situation and should be handled by a professional with experience.

For more information on how to successfully close a short sale property and be released from any deficiency of debt –you don’t want a collection agency hounding you a few months after the closing.

FTC Disclosure: *** Seek competent legal counsel and tax advice for any real estate transaction. RE/MAX ParkCreek and Nicholas Goglucci, PA., Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. ***

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