Legal Question in Real Estate Law in Florida

Re: Real Estate Short Sale in Florida

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Lenders do not often accept a short sale agreement. You can discuss this with yours, but it is entirely the choice of the lender whether or not to agree to the sale at a price for an amount which is less than what is necessary to pay off your mortgage.

As part of your discussions, you will need to talk with the lender as to how they will report the transaction to the credit bureaus. It may seriously affect your credit score if they give negative information. You probably already have negative information if you are late with your payments which is a normal requirement before a lender will consider any possibility of a short sale. Costs of the transaction may or not be allowed to be factored in according to the lender's choice.

Scott R. Jay, Esq.