One look at that title and you’re probably thinking it would be unlikely for Florida short sale specialists could still be of help after the short sale of your home has been completed. But actually, if you chose the right short sale agent to represent your home then he or she could still be of service to you even after the ownership of your former home has been transferred to its new owner.
Unsecured Promissory Note
At the very least, your realtor should be able to ensure that you are only signing an unsecured promissory note with regard to your remaining debt.
Let’s say that your home, which you still owe $700,000 on, is now only worth $440,000. As such, when your creditor approves of short selling your home you would still end up with a $260,000 loan balance. If your creditor insists that you still pay this back on some indefinite or definite date, your agent should ascertain that your agreement to pay the debt would only be guaranteed with an unsecured promissory note.
This way, if you lack the necessary amount in the future to pay your remaining debt, your creditor would not be able to confiscate any of your properties right away as alternative payment.
Some Florida short sale specialists don’t stop once they’ve gotten their clients an unsecured promissory note. They also make sure that their clients have all the advantages needed to get them back in the right financial footing and thus be able to pay their existing balance. As such, many agents work hard to convince creditors to accept payment by installment instead of asking for a lump sum.
Discounted or Reduced Payment
In some cases, Florida short sale specialists convince agents to settle for a smaller amount as payment of the remaining debt. In a way, it’s like going through a short sale all over again but this time you are short selling your loan and not your home.
This, of course, is the best thing that Florida short sale specialists can do with their clients. Going back to our previous example, you would be left with a debt of $260,000 after short selling your property. If your agent is able to convince your creditor to waive the rest of your debt then you would no longer have to pay the remaining $260,000. The short sale of your property alone is already considered complete and full payment of your mortgage.
Whichever scenario you end up with, you can be sure that hiring the best Florida short sale specialists would mean your credit record will remain safe and protected from any unwanted mention of foreclosure.
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.