Legal Question in Real Estate Law in Florida

Re: home selling

he is wrong

Re: home selling

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

What your husband has suggested is commonly referred to as a "short sale". Some lender will allow it if they are given full details about the transaction and they are convinced that the sale is for the full market value to a bonafide purchaser in an arms length transaction (unrelated party).

You will need an experienced real estate attorney to represent you in any transaction of this nature. The negotiations to convince a bank to accept less than the full amount to satisfy a mortgage requires a good deal of experience and skill. Without the bank's agreement, you will be unable to accomplish your goals as their mortgage must be satisfied upon sale of the property.

Scott R. Jay, Esq.