Do I qualify for a short sale?
Are you upside down on your Florida property? Want to know if you’d qualify for a short sale?
The number 1 qualifying factor is: Financial Hardship
What determines a Financial Hardship? It could be a number of things; including, but not limited to:
- Loss of income
- Medical expense
- Relocation
- Death
- Divorce
If you have a financial hardship and are upside down on your Florida mortgage you may qualify for a short sale. Your lender will request a financial statement (itemizing your assets and liabilities), a hardship letter & supporting documentation to determine your eligibility. Some lenders are more lenient than others and often times we will not know how they will respond until we submit a complete package to them for review. The review process can take anywhere from a week to 120 days (or longer) to hear back.
Just being upside down does NOT qualify you for a short sale. Lenders will not release you from your obligation just because you don’t want to owe more on a property than it is worth. They may work with you but only if you have a real hardship (reason why you can no longer pay your mortgage).
We are more than happy to speak with you in regards to your particular situation. We have worked with many homeowners and investors to short sale their properties in Florida. We cannot provide legal or tax advice but we can put you in contact with tax & legal professionals to answer any additional questions or concerns you may have.
We look forward to hearing from you.
Yours in Success,
Florida Future Realty, Inc.
Short Sale Division
239-542-8521
2816 Del Prado Blvd. S. Unit 2
Cape Coral, FL 33904
Copyright 2009 Florida Future Realty, Inc. All Rights Reserved.
