Legal Question in Real Estate Law in Florida
real estate / forclosure/ short sale
I live in Co. & have a 2nd home in Florida which I can no longer support. The property has fallen in value. I have contacted the bank and have negotiated an agreement for a short sale. I am told that my credit will show a charge off & on further investigation I believe the lender will come back to collect any remaining balance. But that the purchaser will recieve clear title to the property. My question is if I were to become the purchaser would the lender still be able to come back to collect the remaining balance due? Ref: 702.06 Fl. statute. I am in pre forclosure until July 4, 2008.
2 Answers from Attorneys
Re: real estate / forclosure/ short sale
Do not understand all of your question. But, you need to hire a lawyer so that this short sale ends up right. Contact us if you need further assistance.
Re: real estate / forclosure/ short sale
The point of the short sale is that the bank DOES NOT come back against the owner for the deficiency, so I'm not sure what's happening in your case. Were it not so, you'd refuse to surrender the deed to the bank for the short sale and force the house to go to foreclosure.
Also, I haven't yet seen a bank allow the orginal owner to become a short sale buyer. This is because 1) it would be the equivalent of just renogotiating the loan, which banks are usually trying not to do as a matter of policy and 2) everyone would be doing this all over the place.
You probably ought to speak to a Florida property lawyer to find out exactly what's happening in your case.
In the short sale, by the way, you credit will show a charge off or, more likely, a foreclosure, depending on how the bank reports it.
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