Foreclosure in Miami>Question Details

Amrobin6, Renter in Fort Lauderdale, FL

can you sell your home while in foreclosure?

Asked by Amrobin6, Fort Lauderdale, FL Sat Sep 22, 2012

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9
Yes, prior to a judgment by the court, you may be able to short sale it. By all means avoid a foreclosure. In the State of Florida a bank has the right to pursue a home owner for the amount of the deficiency judgment for up to 20 years. They may even garnish your wages. The only way to cure this would be to file bankruptcy.

My advice to you is to consult an attorney specializing in this immediately. An attorney can sometimes delay the foreclosure, thus buying the homeowner time to negotiate a short sale with a lender.

If you need help finding an attorney, call me and I will provide you with a company that handles cases like this for my firm. In most cases, there is no cost to the Seller providing there is enough time to complete a short sale.

Juan Sanchez – Broker Associate – 786.302.0351 - Real Living FSR – Miami - Coral Gables, Florida – USA

You may also email me juansanchezREALTOR@bellsouth.net
0 votes Thank Flag Link Mon Sep 24, 2012
Can you? Probably. Should you? As soon as possible if not sooner.

To improve your odds, agree to use the services of a short sale negotiator. I'm working on a deal in Fontainbleau were the whole deal, start to finish will be about 8 weeks. Like many of these deals, it's a cash buyer, and all we're waiting for is association approval to close.

There are also some tax advantages if you can close the deal by Dec. 31. Contact me for more information.
0 votes Thank Flag Link Sun Sep 23, 2012
YES! Provided you a) have left us enough time; b) hire a great Realtor, like myself, a C.D.P.E. "Certified Distressed Property Expert" who can handle your Short Sale; c) a great Short Sale team, which I have, of attorneys, title companys, lenders, inspectors, asset management; d) You can show & prove valid Hardship; e) you're ready, willing, able AND motivated to cooperate fully in the Short Sale process; f) have not, nor do you intend to file bankruptcy in order to forestall the foreclosure process (although this could be one of the 14 different alternatives available to you); g) are willing to openly discuss ALL your options in a private, confidential, no obligation initial 20 - 30 minute consultation with the right Broker, like myself. Please feel free to call me during normal business hours to schedule your appointment. Best regards, Steve E
0 votes Thank Flag Link Sun Sep 23, 2012
You need to get in touch with an agent - Distressed Property Specialist as soon as possible.
0 votes Thank Flag Link Sun Sep 23, 2012
All depends in what stage is the process of foreclosure over your property. Please contact me to talk about and find more information about what is the stage of the foreclosure right now.
0 votes Thank Flag Link Sun Sep 23, 2012
Hi Amrobin6,

Your house can be sold while you are facing foreclosure. Much will depend on what stage of foreclosure you are in. Have you been sent a date upon which your house will be sold at the courthouse?

A short sale is likely to be your best avenue on which to proceed. This will require that you list your house with a REALTOR in the MLS (call me). Then you will start by notifying the bank you wish to sell your house, and there will be a ton of paperwork for me to submit to the bank.

People will be coming and looking at your house, and hopefully we will get an offer. Once the offer is received and you sign the offer it will be submitted to the lender. The lender will be looking for even more paperwork; pay stubs, tax returns, a hardship letter, and more.

We will try to get the bank to accept the offer, with no recourse. No recourse means that they will not pursue a deficiency judgement against you and try to collect the balance.

You will need to find a new home or apartment to rent, so that once everything is complete you will have a roof over your head.

Please contact me directly and I will be glad to get this started for you.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
http://www.floridahouseseller.com
0 votes Thank Flag Link Sat Sep 22, 2012
Hi Robin,

You can sell your home at any point as long as you still own the home. But, do you know whether the current market value will satisfy the balance of your mortgage? You will want to get a comparative market analysis performed by a local agent/broker of your choosing in order to determine the current market value.

If you can sell it for a suitable amount (based on the current market value), then list it (the lower the price, the greater likelyhood that you will have more showings, offers, and sell faster - beating the completion of the foreclosure.) Dont forget that you will also have closing costs (title insurance, buyers home warranty, etc) that you may need to pay out of pocket at closing of the sale.

A short sale may be option, but it is very important to be aware that you MUST have a qualifying financial hardship in order to obtain approval from your lien holder to sell the home for less than an amount that will satisfy your outstanding mortgage obligation. Simply owing more than your home is worth is NOT a qualifying hardship. Qualfying hardships may include, chronic illness (and related bills), loss of employment, divorce or death of a spouse, etc. There is a ton of information on the internet on short sales, or you can just reach out to a local real estate agent who has short sale experience or certification.
0 votes Thank Flag Link Sat Sep 22, 2012
If the foreclosure procedures has just begun you probably still have time to do a Short-Sale. Contact your mortgage holder and tell them you want to do a short-sale. If there still time they advise you to contact a Real Estate agent, list the property and sent them the required documents. A good agent will probably get an offer in under 30 days and then the SS procedure takes a few months. If it sells via SS it affects your credit less than if taken by foreclosure.

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Sat Sep 22, 2012
Hello Amrobin6,
Yes you can sell your home while it is in foreclosure. With your lender they can allow to short sale the home if your underwater(upside down) with your mortgage. With a short sale it will be a lower impact on your credit vs a full foreclosure. Your lender can also forgive and release you from any deficiency amounts as well. If you have any other questions please feel free to reach out to me as I have been a Bank Of America Loss Mitigator who has handled foreclosures and loan mods. I look forward to hearing from you soon.
http://flapropertiesbytmoses.kwrealty.com/

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
954-404-4646
tmrealtor@yahoo.com
0 votes Thank Flag Link Sat Sep 22, 2012
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