FAQ – About Short Sales
* Short Sales may be your best option to foreclosure
* You do not necessarily have to be late on your mortgage to do a short sale.
* Some lenders will allow you to be current on your mortgage and approve your short sale.
* You do not necessarily have to have a hardship to get approved for a short sale
* In most cases a short sale is better than a deed in lieu
* You may qualify for HAFA- a government program
* If you qualify for HAFA- You will get a lien release and NO deficiency
* If you qualify for HAFA- You may get up to $3000 back at closing to help you relocate
* Some lenders are offering up to $30,000 in cash back to you at closing of a short sale
* There are many scams out there- be weary of anything that sounds too good to be true
* In the state of Florida- only Real Estate agents, attorneys and mortgage lenders can help you with your short sale
*It is illegal to charge you money up front to do a short sale unless it is an attorney trust account and attorneys’ fees or a marketing fee by your broker.
* If you are willing to bring a reduced amount of the pay off to the closing- in most cases- you can do a strategic short sale.
* Short sales don’t ruin your credit- NOT paying your mortgage ruins your credit.
* You must keep your HOA fees current even if you are not paying your mortgage.
* HOAs can foreclose on you here in Florida very fast and lock you out of your property.