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SW Florida Global Real Estate Group

Resources Foreclosure Is Not Your Only Option

Learn The Options Here

If you experience difficulties making your mortgage payment, you can be sure that you are not alone.  In these troubled economic times I meet many in your situation.  While you may be thinking about foreclosure, there may be other options you can choose. 

Sometimes, foreclosure can be avoided and your credit can be saved along with your financial future.

Judicial versus Non-Judicial

Foreclosures in America usually fall into two categories, judicial or non-judicial. 

Florida is one of more than twenty judicial states that require foreclosures to funnel through the courts before becoming official.

Judicial Foreclosure

Processed through the courts, begins with the lender filing a complaint and recording a notice of Lis Pendens.

The complaint will state what the debt is and why the default should allow the lender to foreclose and take the property given as security for the loan. The homeowner will be served notice of the complaint, either by mailing, direct service, or publication of the notice, and will have the opportunity to be heard before the court. If the court finds the debt valid and in default, it will issue a judgment for the total amount owed, including the costs of the foreclosure process.

After the judgment has been entered, a writ will be issued by the court authorizing a sheriff's sale. The sheriff's sale is an auction, open to anyone, and is held in a public place, which can range from in front of the courthouse steps, to in front of the property being auctioned. Sheriff's sales will require either cash to be paid at the time of sale, or a substantial deposit, with the balance paid from later that same day up to thirty days after the sale. At the end of the auction, the highest bidder will be the owner of the property, subject to the court's confirmation of the sale.

After the court has confirmed the sale, a sheriff's deed will be prepared and delivered to the highest bidder, when that deed is recorded, the highest bidder is the owner of the property.

Avoid Foreclosure If Possible!

Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony.  If you have a foreclosure and you are a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated.

In 100% of foreclosures (except in those states were there is no deficiency) the bank has the right to pursue a deficiency judgement.  In Florida, the amount that may be recovered by the bank is up to the discretion of the court.


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What is a Short Sale?

The short sale of a house is when the proceeds fall short of what the owner still owes on the mortgage. Short sales usually occur when the homeowner is facing foreclosure. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what is owed.

How can I qualify for a short sale?

Qualifying for a short sale is a complex process that is best handled by a knowledgeable agent. 

I have earned the SFR (Short Sale Foreclosure Resource) certification and am able to help you with the short sale process.  The general requirements for sellers who are considering a short sale are:

Financial Hardship - You are not able to afford to pay the mortgage due to loss of income, large medical expenses, divorce, death of a family member, illness or job transfer.

Monthly Income Shortfall - Your expenses exceed your income to the point where you are, or soon will be unable to pay your mortgage.

- You must show the lender that you do not have enough liquid assets to pay your mortgage.

If you are interested in a private confidential conversation about short sales, please contact me.

Should I Short Sell or Foreclose?

A short sale allows the owner to avoid foreclosure and salvage part of their credit rating.  Only late payments on the mortgage will show, and after the sale, mortgage in normally reported as "paid as agreed," "paid as negotiated," or "settled."  It can lower the score as little as 50 points if all other payments are being made.  A short sale's effect can be as brief as 12 to 18 months. The waiting period for obtaining a Fannie Mae backed mortgage is two years.  However, you will need to have your lender's approval and demonstrate that you qualify for a short sale.

A short sale is not reported on a persons credit history.  There is no specific reporting item for "short sale."  A short sale can be a difficult and frustrating process that is best handled by a qualified real estate agent.  On its own, a short sale does not challenge most security clearances.

With foreclosure, the homeowner waiting period is five years from the date of completion, meaning the date your foreclosure is recorded (seven year for an investor). Credit score may be lowered anywhere from 250 to over 300 points and typically will affect the score for over 3 years. 

In addition to the waiting period, some loans require 10% down and a minimum FICO score. The home you purchase must be your principal place of residence, not a rental nor a vacation home.

Fannie Mae constantly issues new guidelines.