One thing the banks are looking for is a true hardship and if you have funds available to pay cash fro another property they are probably aware of that. Whoever is negotiating the short sale is probably trying to get you a waiver of a future deficiency judgement and that is something you need to consider. Not knowing your financial situation I would strongly suggest you sit down with legal and financial counsel to determine what would be the best course of action for you. It may be that it is your best course of action to negotiate with the bank and get the short sale done. Remember that is a bank forecloses that does not relieve you of your financial obligations and they have a long period of time to go after your for the debt.
I hope this is helpful and if you need anything additional please feel free to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
You should discuss this situation with a real estate attorney. There may be a way to accomplish what you wish to do. Ask the attorney and follow their advice. If you need a referral to a real estate attormey let me know, I'll be happy to help.
You have to be very careful because in Florida the lender can go after you for 100% of their loss including attorney fees.
You may be better off signing a Promissory Note to repay the Lender (probably there is a PMI company demanding this).
You need legal advice but do not walk away. We do have homestead protections so they may not be able to take away your new home but they may be able to go after any assets for 20 years. Take a look:
All the best,
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
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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.