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A tale of a Florida short sale

If you are struggling to pay your mortgage, you have good reason to suspect that foreclosure could be around the corner. Perhaps you have already fallen behind and your lender has served you papers. Depending on your individual case, your best option could be to fight the foreclosure, or try to avoid a battle by requesting a short sale.

As we have said before in this blog, in a short sale the homeowner sells the house for less than what he or she owes on the mortgage. The lender must agree to the short sale, and it collects the sale price as partial payment, usually in exchange for agreeing not to sue for the deficiency amount (the unpaid portion of the mortgage).

Going through a short sale allows you to walk away from your home, though it can be difficult. In an article on Realtor.com, a Florida woman related the story of her short sale. It took her four years to get her lender to agree, forcing her to rent out her house. Going through short sale also damaged her credit rating, though a person’s rating can begin recovering within two years if he or she makes sure to pay his or her bills on time.

Short sale is not right for everybody, and there may be other options, which your foreclosure defense attorney can discuss with you. It is important that a troubled homeowner have that discussion as soon as possible, to give him or her the most possible options.

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