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What do you have to gain by short selling your Florida home versus letting it foreclose?
TOP 5 BENEFITS OF A SHORT SALE:
1. Avoid the stress of falling behind and losing your home to foreclosure.
A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you stop foreclosure, and move on with your life quickly.
2. Eliminate or minimize the chances your lender will pursue you for a deficiency judgment.
If you foreclose, your debt doesn't disappear, especially if you owed more than the home eventually sold for! The state of Florida allows lenders to sue you for their losses in a foreclosure. You have the opportunity to settle the debt in a short sale, but not if the home forecloses.
3. Minimize credit repercussions.
A short sale is less derogatory on your credit than a foreclosure and recovery is faster. You'll be able to buy a home again much faster after a short sale.
3. Control over the sale of your home.
You will be able to sell your home on the open market and make the decisions regarding the terms of the sale of your home.
5. A short sale will likely cost you nothing!
When involved in a short sale, almost always the lender allows all customary closing costs to come out of the proceeds of the home sale including realtor fees, conveyance taxes, back taxes and attorneys fees, leaving you with no out of pocket costs!