Foreclosure in Miami>Question Details

Antulio Mont…, Real Estate Pro in surfside, FL

Possible Short Sale on Florida with Association owning title?

Asked by Antulio Montiel, surfside, FL Thu Jul 19, 2012

Some with result doing a short sale in South Florida, doing a short sale with majors lender (Bank of America, Chase, Wells Fargo) when HOA take title?

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Yes it possible but you need to contact ex-owner mortgage lender and make sure that they are willing to do it and how they want to process the short sale (who is going to be seller?) also you need full authorization from Association. i have done these type of short sale with Bank of America and AmTrust Bank BUT remember you need to be persistent with the lenders something whoever answer the phone are not well training to help you so you may need to find a way to speak to someone inside the lender who knows about this type of transaction.
0 votes Thank Flag Link Tue Sep 11, 2012
if the HOA foreclosed for unpaid fees before the lender you have a mess to put it llightly and it will be more difficult if teh HOA has title, there is no incentive to work with the former owner, A good negotiator may be able to work with the HOA;s attorney to work something out so they get paid.
0 votes Thank Flag Link Tue Sep 11, 2012
Hello Antulio,

Best to get in touch with the condo association attorney and check the public records to see who is truly holding title.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Tue Aug 7, 2012
Yes it is if property has no mortgage on property. But it is uncoman
Jorge Cruz
0 votes Thank Flag Link Thu Jul 19, 2012
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