The future of Pinellas Short Sales may have just gotten a bit brighter as the House of Representatives just introduced this bill that proposes a 1-year cap on deficiency judgements. We're not the only Tampa Bay Short Sale Specialists that believe the existing laws are too strict considering that underwater homeowners have been punished enough. Currently, in Florida, lenders have a 5-year period after a foreclosure or short sale during which time they can have their collectors pursue you for the 'forgiven' amount of debt.
One thing is certain, and that is that your possible deficiency judgement will ALWAYS be greater by ingorning your situation and allowing the home to go to foreclosure. The lender nets more with a short sale and so it's a win for everybody. Depending upon your situation, attempting a mortgage modificaiton (an uphill battle but certainly possible), a deed in lieu of foreclosure or a Chapter 7, 11 or 13 bankruptcy might make more sense.
As there are no 'one size fits all' solutions for all homeowners, it's always best to contact a Tampa Bay or Pinellas Short Sale Specialist for insight into your particular situation. They can also provide legal and accounting referrals to help guide you on the path that makes the most sense for your particular situation.
On the bright side, with top listing and short sale representation, it's very possible to avoid that deficiency judgement all together! We'll be keeping an eye out on the progress of this bill and be keeping you updated.
Call or text us at 727-366-0324 or contact Julia and Matt Fishel with questions.
Julia and Matt Fishel, CDPE, CIAS
Suncoast Partners at REMAX Palm Harbor
727-366-0324
Your Tampa Bay Short Sale Realtors,
Saving the World One Homeowner at a Time!