Legal Question in Real Estate Law in Florida

short sell problem

I am trying to do--name removed--short sell on my 1 bedroom condo that is soley in my name. I have--name removed--buyer and my 1st mortgage has been approved. My second mortgage is wanting 1/2 the mortgage (17,000) up front or the whole mortgage of 35,000 over 6 yrs and to sign--name removed--promissary note that they will not let me see until the closing. I can not file--name removed--chapter 7 bankruptcy because my husband makes to much money. What should i do?


Asked on 1/25/09, 3:09 am

1 Answer from Attorneys
Brent Rose The Orsini & Rose Law Firm

Re: short sell problem

If the terms aren't acceptable, then you may not be able to do the short sale. You may have to either:

1) Allow a foreclosure,

2) Keep the condo,

3) File chapter 13 bankruptcy,

4) Re-negotatiate the mortgages on the condo, or

5) Wait to see if expected new federal legislations allows bankruptcy judges to change the terms of your mortgages.

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Answered on 1/26/09, 9:47 am


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