Even with financial aid packages starting to pour in from banks, there are still hundreds or even thousands of homeowners who won’t qualify for such help and are thus in dire need of the services of a Florida short sale specialist. Some time ago, the courts have ordered a number of banking corporations to offer additional financial aid – or even return deeds to previously foreclosed homes – to homeowners who have been wrongfully evicted from their properties.
If, however, you are only in the brink of foreclosure then such financial aid packages are not yours to enjoy. There is still a good chance that your bank or creditor would seize your property and foreclose it if you don’t take proper precautionary measures ahead of time. One such measure would be to approach a Florida short sale specialist and get him or her to help you.
Are Short Sales the Ultimate Solution?
Unfortunately, not all homeowners would be considered eligible for short sales. The conditions vary from one creditor to another. Ultimately, however, you or – more specifically – your Florida short sale specialist would have to prove that it’s to everyone’s benefit that you are allowed to short sell your home as soon as possible.
What Do Short Sales Entail?
Let’s say that your house in Florida may be sold today at $600,000. Unfortunately, your home used to be worth $800,000 and in fact you have mortgaged it to the hilt and thus owe the bank $800,000. Obviously, it would be pretty impossible for you to sell your home at its original price. But if you sell your home based on its current market value, then that would mean losing about $200,000 in the process.
$800,000 Original value of your home or the amount of your mortgage balance
$600,000 Present market value of your home
$200,000 Negative balance if you sell your home at its present market value
This won’t be that big a problem if you fully own your property and it’s not encumbered in any way. Although you are losing $200,000 technically, it’s not something that would significantly hurt your finances.
But it’s different if you owe $800,000 on your home and are no longer able to keep up with mortgage payments. To prevent foreclosure and an unwanted blemish on your credit record, you would need to sell the home. But even if you do sell it, you would still be left with a $200,000 debt you can’t pay.
Now, this is the part where a Florida short sale specialist can step in and help you out.
A short sale specialist would do the following to ease your burden:
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.