Understanding a Florida Short Sale: Is It the Right Choice for You?
Avoid Foreclosure with a Short Sale: A Guide for Florida Homeowners
Are you struggling to keep up with mortgage payments and finding that your home is worth less than what you owe? A short sale might be the best solution for you. Trivanci LLC specializes in helping Florida homeowners navigate this process, offering a way to avoid foreclosure while minimizing financial damage.
What Is a Short Sale?
A short sale occurs when a homeowner sells their property for less than the remaining balance on their mortgage. Unlike traditional sales, the mortgage lender must agree to the sale, even though they won’t recover the full loan amount. This process helps both the homeowner and the lender avoid the time-consuming and costly foreclosure process.
Example of a Short Sale
Imagine you owe $200,000 on your mortgage, but your house’s market value is $180,000. In a short sale, the lender agrees to accept $180,000 as full payment, even though it means losing $20,000. This allows you to avoid foreclosure and its severe financial and emotional toll.
A key advantage of short sales is the opportunity to negotiate a deficiency waiver, which prevents the lender from pursuing you for the remaining loan balance. Florida Statute 702.06 permits deficiency judgments, so negotiating this waiver is essential for financial protection.
Is a Short Sale Right for You?
You might consider a short sale if:
Your property is worth less than your mortgage balance.
You’re facing financial hardship such as unemployment, medical issues, divorce, or relocation.
Your lender is open to negotiating a short sale.
You can provide the required documentation, including a hardship letter and financial statements.
Even if foreclosure proceedings have started, it’s not too late to pursue a short sale. Contact your lender and work with professionals like Trivanci LLC to explore this option.
The Short Sale Process in Florida
Here’s how Trivanci LLC can help you through the short sale process:
Contact Your Lender Discuss your options with your lender, including alternatives like loan modification or forbearance. If a short sale is the best choice, your lender will guide you on the required documentation.
Work with Real Estate Professionals Trivanci LLC collaborates with experienced short sale negotiators and real estate experts to find competitive offers and present them to your lender.
Prepare Documentation Short sales require extensive paperwork, including:
Hardship letter
Purchase agreement
Proof of income and bank statements
Tax returns
Mortgage statements
Trivanci LLC simplifies this process by managing the documentation for you.
Submit the Offer and Negotiate Once an offer is submitted, your lender will review it and may request additional documents or propose a counteroffer. Trivanci LLC helps you navigate these negotiations.
Close the Sale After lender approval, the sale proceeds like a traditional real estate transaction. Funds are wired to your account or provided via cashier’s check.
Alternatives to a Short Sale
Depending on your situation, other options include:
Deed in lieu of foreclosure: Hand over the property deed to the lender.
Loan modification: Adjust your mortgage terms to reduce payments.
Forbearance: Temporarily pause or reduce payments.
Trivanci LLC can help you evaluate these options and determine the best course of action.
Short Sale vs. Foreclosure
While both options impact your credit, a short sale is less damaging. It allows you to maintain control of the sale process and may enable you to secure a new mortgage in as little as two years. In contrast, foreclosure can result in losing your home and severely impacts your credit for up to seven years.
Why Choose Trivanci LLC?
At Trivanci LLC, we specialize in providing tailored solutions for Florida homeowners. Our team of real estate professionals and short sale negotiators work tirelessly to ensure a smooth process. We’re here to help you avoid foreclosure and move forward with financial peace of mind.
Ready to Get Started?
Don’t wait until it’s too late. Contact Trivanci LLC today for a free consultation. Our experts are ready to guide you through the short sale process and help you take control of your financial future.
What Do You Have to Lose? Get started now by reaching out to us!