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What is a Short Sale? A short sale is simply a real estate transaction in which the seller is permitted to sell the property for less than the balance(s) of any open mortgage(s) encumbering the property.  Short sales in Jacksonville, Florida are an increasingly viable way for homeowners to avoid foreclosure and still be able to pay off their loan(s) by negotiating and arriving at a settlement agreement with their lender(s).  The benefits of a short sale over a foreclosure are obvious:  a foreclosure case can drag on for months and years, and a judgment of foreclosure remains on credit histories for 7 – 10 years, and usually results in the loss of the home and a money judgment against the defendant-homeowner.  Choosing a short sale can resolve the situation much faster and does not carry the same negative impact on credit history as a foreclosure judgment.

When the home owner sells the property for less than the outstanding balance of the loan(s), and turns over the all proceeds of the sale to the lender, sometimes (but not always) this satisfies all remaining debt to the lender or bank. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation. The Jacksonville Short Sale Team will negotiate with your lender all while protecting your rights.

What is Required for a Real Estate Short Sale?

In order for us to get a real estate short sale accepted for you, we first must list your home for sale. During the listing period, you will need to provide the following documents to us so that we may package a real estate short sale request to your existing mortgage lenders.

Documents Required for Real Estate Short Sale:

	Last two years tax returns and any tax schedules
	Most recent month of paystubs
	Most recent two months of bank statements for savings/checking accounts
	Current mortgage payment coupons/statement for existing mortgages
	Hardship Letter

With these documents we create a package as to why you require a real estate short sale and submit this to the appropriate department at your lender, once we have an accepted purchase offer for your home.

Who can Qualify for a Real Estate Short Sale?

Typically, the mortgage lenders will only accept a real estate short sale if you are at least one month behind on your mortgage payments, have a ready and willing buyer and you are unable to debt service all of your existing liabilities. Also, if you financial situation has changed and you are currently making less money than before and you have no more savings, you most likely qualify for a real estate short sale. This is the reason why we need to above documents to paint a clear financial picture of your current situation.

For more information on how our services could benefit you please call Jacksonville Short Sale Attorney Justin McMurray, ESQ. at (904) 248-4482 for a FREE consultation. That is (904) 248-4482 for a FREE consultation.

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