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Short Sale or Foreclosure?

When you find yourself unable to make your mortgage payments, or when the value of your residence sinks below the amount of your mortgage, you may face some hard choices. But whether your financial difficulties are caused by a job loss, divorce, a catastrophic medical event or because you need to relocate for a new position, you have options available such as a short sale or foreclosure. It helps to understand these options before you act.


In a foreclosure, the bank takes your home. While this may sound like a good idea, it carries a host of long-term consequences. Once the bank sells your property, you still can be held liable for the amount you owe on the mortgage after a foreclosure in Florida. Your liability can extend to your lender and to the IRS, depending on the circumstances. Wages can be garnished and your credit rating can be severely impacted.

Consider a short sale

If you are in dire straits due to serious financial hardship, your lender may welcome the idea of a short sale instead of a foreclosure. The sooner you begin the process of seeking a short sale the better, so instead of falling more and more behind in your mortgage payments, take the time to meet with your lender.

You may want to seek professional guidance from a Tampa foreclosure attorney on how to negotiate the terms of your short sale. A short sale will not impact your credit rating for as long as a foreclosure and you may be able to negotiate a waiver so you don’t have to pay the deficiency on your mortgage in the future.

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