There are several important things about Florida short sales which concerned homeowners must know if they will to short sell their properties. Many homeowners and homebuyers assume that the laws on short sales are the same in every state. They are not.
Florida Short Sales and Foreclosures
Short sales and foreclosures in Florida become frequently intertwined in a homeowner’s life because the former is typically used to avoid the latter. In this instance, you will be glad of the fact that you are leaving in Florida because creditors, loan owners, and bankers are all required to file a lis pendens first against the homeowner and be deemed by the courts as having the right to foreclose before anything can happen.
In contrast, there are states such as California where bankers may immediately foreclose on your home the moment you violate particular terms of your mortgage. Because you have more time before your creditor forecloses upon your home, you consequently have more chances of applying for a short sale and preventing foreclosure altogether.
The Benefits of Florida Short Sales
Florida short sales are naturally not the only alternative you have once you find yourself in the red and unable to keep up with mortgage payments. Even so, most homeowners consider short sales as the most advantageous alternative – if not the best – because of the following reasons.
Minimize Damage to Your Credit Score
While no Wellington FL short sale specialist can guarantee that a short sale wont’ have any adverse impact on a homeowner’s credit score, he or she can however guarantee that the effect won’t even be a fraction as bad as what would happen to your credit if a creditor forecloses on your home.
Strategic Financial Move
Florida short sales are not and have never been just for impoverished or financially struggling homeowners.
In many cases, homeowners apply for short sales even if they have more than enough money to continue paying for their mortgage. This may be due to the following:
A) Market value of their homes continue to drop
B) Rental income from the property no longer equal to mortgage payments
C) Potential financial problems if they continue with mortgage payments for their home
Are You Ready to Move Out?
When considering Florida short sales, you should also consider the inevitable need to move out of your home. There is no way to prevent this if you want to short sell your home. If you do not have a back-up plan as to where you would live after short selling your property, then you need to make plans right now and before you get your agent to plan a short sale package for your home in Wellington Florida.
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.