Home Selling in Jacksonville>Question Details

Lina, Home Seller in Jacksonville, FL

Relocating from Jacksonville Florida to out of Country - Will Short sale accepted?

Asked by Lina, Jacksonville, FL Thu Aug 25, 2011

We have 2 properties underwater in Jacksonville, Fl. First primary residence home - bought $347K, owe $327K (1st and 2nd mrtg combined) and estimated at $199K, 2nd rented condo - bought $172K, owe $125K and estimated at $85K. Our situation - Wife and kids are moving to India for good next summer (due to family situations) and husband might continue work for one more year before he also moves out of country. We both are making good income now and never missed any payment. Now with wife gone, it is not possible to make the mortgage payments covering additional living costs in India. Since we all are going to be out of country (USA), we really don’t worry too much about credit history (I understand it is not a responsible thing to say, but we are left with no options). Question - Will the bank (all three mrtgs are with Bank of America) accept Short sale in our situation for both properties and forgive the difference? I am also concerned if they will go after our Life insurance savings

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It sounds like you definitley can prove a hardship which is essential for a short sale. The benefit to a short sale vs. a foreclosure is that the lender may accept the short sale as payment in full. With a foreclosure, the lender has the option to come back to you for the difference. A good real estate attorney can help. Try Gibraltar Title at 904.296.3100. Good luck!
1 vote Thank Flag Link Thu Sep 1, 2011
Thanks to Everyone for their time and response. We are going to talk to an attorney and will keep updated.
1 vote Thank Flag Link Mon Aug 29, 2011
Lina...the properties may qualify for a short sale...as you must demonstrate a hardship, which it certainly seems like you have one! Florida is a recourse state, which means that the bank may come after you for the difference in the loan value and the property value.....In India, that may be difficult...

I would recommend consulting with a real estate attorney just to be sure of risks associated with a short sale....it's good you're seeking alternatives prior to actually being in default....options at this stage are greater than if you were in default

Good Luck!
1 vote Thank Flag Link Sat Aug 27, 2011
If you could sell these homes to someone who is willing to take over your full payments would you be willing to do that? If so, I can probably get you a buyer for both . Please email me if you are interested. cindib63@gmail.com
1 vote Thank Flag Link Fri Aug 26, 2011
Hello Lina,

I have done several short sales this year. I would be more then happy to help you out. Call me at 904-576-4345. Check out my website,I have a lot of information which you may find extremely important.
Web Reference: http://www.homenjax.com
1 vote Thank Flag Link Thu Aug 25, 2011
I would focus on contacting a Realtor, Broker or attorney who specializes in short sales and foreclosures. Perhaps you have done this already but this would be your best bet!

Goood luck!
1 vote Thank Flag Link Thu Aug 25, 2011
Ouch!!! To be realistic, they could come after any monies you have. The most important thing is to list the houses and get the transaction going. Then you will get the real answers. There are no easy answers. I wish you well and am sorry for your situation.
Web Reference: http://www.soldbysyndi.com
1 vote Thank Flag Link Thu Aug 25, 2011
Here is a great site which answers a lot of questions about short selling and loan mods, check it out they are really helpful.
1 vote Thank Flag Link Thu Aug 25, 2011
Most Realtors that are Veterans have done several if not hundreds of short sales similar to yours.I have one just like yours I'm dealing with but like the others said you you should have legal advice too.They may go after you on deficiencies (1099) usually they forgive primary, but I had banks asking for a Promissory note too.Lina I work with a Title co that has a attorney that handles the short sales, I also have done several Bank of America short sales.I will also discount listing if need to, to help your situation too.Please call me Lina if you have any questions.Marc Cameron 904-566-2864 or email me marccameron7@yahoo.com
1 vote Thank Flag Link Thu Aug 25, 2011
Hi Lina, The hardship is there so a short sale is in order. BOA is notorious for going after money owed to them so consult a R.E. Attorney for advise. Then put the properties on the Market for sale. Let me know when you're ready to get started.

John Breen
Magnolia Properties Realty
349 0082
1 vote Thank Flag Link Thu Aug 25, 2011
I have another client also from India - His kids just returned from a summer with family in India... He is looking for an investment as long as it is not "south"...

I have listed and negotiated short sales and the banks waiver of the deficiency for clients who had to leave the state for employment reasons... But as everyone else has stated each short sale is different and I always recommend a short sale lawyer's advice... I think it is important you find a short sale lawyer and Realtor that you feel comfortable working with. I have 3 different short sale lawyer firms I use depending on my clients needs.

Decisions like this are scary and seeking guidance and advice is the smartest thing next to being pro-active... I totally understand you feeling like you have no options but due to your pro-active approach you have many options... I commend you for being pro-active and for seeking advice and encourage you to continue it will make a huge difference for you and your families future...

If I can be of assistance please contact me... Wishing you the best of luck with your difficult decisions...
1 vote Thank Flag Link Thu Aug 25, 2011
Hi Lina,

Yes, you can short sale these properties. We have been closing many short sales with Bank of America and across the state of Florida. Please give us a call and we can explain the process to you. Our services are FREE for homeowners.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
1 vote Thank Flag Link Thu Aug 25, 2011
Lina, You need the help of a Realtor that knows how the short sale process works. I have the designations of CDPE and SFR which both are short sale designations. I also am a State Certified Real Estate Appraiser so I know how to price your property. I work with a law firm that negotiates the transaction that is best for your situation. There are many options available. Give me a call 904-962-8089 or email dprice@agentlink.net You will have the number 1 real estate company working on your best interest, RE/MAX.
Thank you,
Don Price USN-RET
1 vote Thank Flag Link Thu Aug 25, 2011
100% will be accepted provided you maintain the property in its current condition, keep electricity on but you will turn it off at the breaker if no one is living in the property. There are a couple other factors in this equation to keep you free from them taking any of your savings whether it be life or personal. Please contact me for a no obligation conversation so you have the right answers and someone to turn to. The 2nd residence will be a bit tougher to get out from unscathed but there may be possibilities if I may ask you some pertinent questions.

(904) 566-0062 "Thanks for Letting the RIVERS Move You!"

Danielle Rivers
1 vote Thank Flag Link Thu Aug 25, 2011
Hi Lina,

Have to agree with the other comments about contacting a real estate attorney. As with the other I can recommend one that I use who is quite good.

The attorney can start the short sale process by recommending the best course of action to take in your situation. Based on those recommendations, you should then contact a real estate agent that you feel comfortable working with to get your properties listed, marketed and eventually sold. You should do this post haste so that when you decide to return this burden will not be part of your baggage.
All the best
Charlie Chorman - REALTOR
Coldwell Banker Vanguard Realty
Web Reference: http://www.jaxhomesinfo.com
1 vote Thank Flag Link Thu Aug 25, 2011

Each short sale situation is different depending on your circumstances, but the fact that you are moving out of the country shouldn't impede your ability to short sale your house. I recently helped a military family that relocated to Japan for assignment sell their home in Jax as a short sale with Bank of America.

The biggest question is going to be what other assets do you have? If you have other assets such as the life insurance savings you mentioned, other savings accounts, stock options or other investments, you may not qualify for a short sale, or BofA may ask you to pay some or all of the difference owed them from those assets. It is a good idea to consult with your attorney or accountant for advise on whether BofA can come after any of your other assets as part of the short sale.

If you find that you do qualify for a short sale, I'd be happy to discuss the process of selling both properties as short sales with you. Over the past few years more than half of my business has been with short sales, so I'm very knowledgeable about the process.

Good luck!

Scott Sullivan
Prudential Network Realty
3535 Highway 17, Suite 10
Fleming Island, FL 32003

Cell: 904-327-5676
1 vote Thank Flag Link Thu Aug 25, 2011
Hello, I work directly with a Real Estate Attorney in the Short Sales process. The best way I like to initially assess the situation is for everyone involved to meet with the Attorney so everyone understands and has an expectation of what to expect. If this is something you would like for me to assist you with, please contact me at your earliest convenience and we'll take it from there. I've assisted many homeowners with short sales and look forward to the opportunity to assist you as well.

I look forward to hearing from you.

Take Care
1 vote Thank Flag Link Thu Aug 25, 2011
We recommend talking with a qualified Real Estate Attorney before making any decisions. We would be happy to put you in touch with the one we use for all of our own personal transactions. I think we can arrange for a free consultation with him for you. If interested, contact us.

1 vote Thank Flag Link Thu Aug 25, 2011
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