Are you deciding what to do with the home you are living in where you have fallen behind in your payments? Are you ready to extricate yourself from your mortgage you no longer want to be attached to? Have you decided to sell your home for less than what you owe on your mortgage? Do you want to stay in control of your situation and meet the buyers of your property?
A foreclosure is similar to an aching headache, the more you ignore it, the more the pain intensifies. Saying you are not yet ready to sell, does not make the problem go away. Most struggling homeowners in distressed homes who have stopped making mortgage payments and received their lis pendens notice, know the clock is ticking for the remaining time period they have to live in their homes. Each day a borrower does nothing about their situation, brings them closer to a foreclosure and eviction from their home.
The latest situation in the media such as paperwork glitches and technicalities with foreclosures has not stopped the foreclosure process from continuing in South Florida. That freeze on foreclosures was very temporary and will not affect your impending situation.
Florida is a deficiency judgment state, and this gives the lender the right to sue the borrower, even after the house is foreclosed on, as each borrower signed a promise to pay for their home with a promissory note. There is a time period in Florida of up to twenty years to collect on the deficiency from the foreclosure. Your property is the security for the promissory note.
Someone who has decided to take the route of foreclosure may not be paying attention to this important deficiency judgment law. The amount you paid for your home and amount that you owe on your home is your deficiency. Yes, the lender legally has the right to collect this fee from the borrower in the state of Florida.
Dave Magua, PA and Susan Penn, PA, EWM realtors help to move you forward with your life. We understand you have entrusted us to take care of you with this difficult situation the housing market has brought upon you. We are the realtors working on your short sale.
Contact us and let’s arrange a time that is convenient.
Susan Penn, PA, EWM Realtor, NAR’s Short Sales & Foreclosure Certification-954-557-5993
Dave Magua,PA,EWM Realtor-754-581-5077
Processing Short Sales with experienced attorneys and title companies in Coral Springs, FL , Cooper City FL, Davie, FL, Miramar, Fl, Pembroke Pines, FL , Plantation, FL,Southwest Ranches, FL Sunrise, FL, Weston,