A common question asked by a Florida homeowner in foreclosure is, “Can I short sale my house if it is in foreclosure in Florida?”.
The simple answer is YES.
First you must understand the foreclosure process. Simply stated, a borrower/homeowner failed to make their mortgage payments. So the bank says, enough is enough, either you make good with your past due debt, or we will file suit and take the property away from you. The bank has the right to file a foreclosure action once a homeowner is “seriously delinquent” meaning three (3) consecutive mortgage payments have been missed.
Once a homeowner is served foreclosure papers, they should immediately reach out to an attorney specializing in foreclosure defense. If a homeowner does not seek legal counsel, the possibility of losing the house through the court system can be extremely quick. However, the skills and knowledge that a foreclosure defense attorney has will not only defend you in the court but also help mitigate possible damages if the property is to be sold at a foreclosure sale.
While the attorney is defending you in the court, he/she is also working simultaneously with the bank to mitigate damages. If you are unable to obtain a loan modification (for whatever the reason), a short sale is your best option. Your realtor will work directly with your attorney and get you the best offer for the property. On top of that, the attorney will negotiate with the bank to request a “waiver of deficiency”. This simple clause will save the homeowner a lot of headache in the future. The bank will not be able to seek the difference owed in a short sale process.
At The Hershey Law Firm, P.A. our clients have the benefit of working directly with a seasoned real estate attorney who is also a licensed realtor associate to guide them through the entire process.
For questions about real estate law in South Florida, please contact The Hershey Law Firm, P.A at (954) 303-9468 in Fort Lauderdale to schedule your free consultation.