Legal Question in Real Estate Law in Florida
\nI am currently involved in a short sale of my primary home in Florida. I have a 1st & 2nd mortgage (the 2nd is a HELOC). The 2nd mortgage lender agreed to release the lien for short sale but will not release me from the balance of the loan. They say I will have to make a settlement after the short sale. I am losing my home and have no ability for a settlement. What can I do?\n
1 Answer from Attorneys
You have limited options. It is entirely up to the lender on whether they will even allow a short sale. Of course not doing so might result in foreclosure, at which point they might get less than they would on the short sale.
Your only real option is to go through a bankruptcy to dismiss the deficiency after the short sale. After the sale this would become an unsecured debt, similar to credit cards etc.
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