How does it happen that a house or condo can be foreclosed and there was never an attempt at a short sale? A short sale is considered a distressed sale where the home owner, because of a hardship, is selling for less than the mortgage. A short sale requires lender approval of any offer the seller accepts.
First of all - lenders are not required to accept or allow a short sale. But that does not prevent a home owner from approaching the lender when a hardship makes it inevitable that the home owner will not be able to maintain their mortgage obligation.
If you are facing a hardship - loss of job, death of wage earner, major illneses, job transfer, etc. which make keeping your home possible call your lender. Ask them about a loan modification or if they may consider a short sale.
If I can help you with selling your Brevard County, Florida house or condo, call me directly at 321-693-3850 or email me.
Don't let unfounded hope, denial, apathy or the lack of information result in you being foreclosed when a short sale may have been a better option!
Gary L. Waters PLLC, Realtor, Century 21 Baytree Realty, Rockledge, Florida, serving buyers and sellers in Viera, Suntree, Rockledge and all of Brevard County, Florida.
I am not an attorney, CPO or tax adviser and speak only as a real estate agent in Brevard County, Florida. If you are in need of these services, consult a local professional.