Tampa Short Sale Attorney

“Don’ts”

• Try to represent yourself without an attorney
• Not respond promptly to your attorney’s request for information or documents
• Quit claim the property to ANYONE, including a land trust in which you are the beneficiary
• Cash out a retirement account or otherwise exempt account to stay current on the mortgage
• Lie on your hardship letter or financial statement
• Volunteer any “unasked for” information to the bank
• Talk to the banks when they call, except to tell them that you have retained an attorney
• Except to keep your house if you are behind on the mortgage payments
• Put tenants in the house that won’t allow a lockbox and easy access for showings
• Fall way behind on the monthly homeowner’s assessments.  HOAs can foreclose faster than banks and they are less likely to negotiate down their fee.
• Put a ton of money into making the house “showable” – this is not a traditional sale and you won’t recoup your money
• Start the short sale process unless you are really ready to sell the property
• Ignore letters from the bank or the bank’s attorney, especially if the house is vacant.  Lenders can change the locks but they will usually give you written notice.

“Do’s”

• Write a sincere and accurate hardship letter that specifically requests the bank to approve the short sale
• Provide organized documents and information to your attorney
• Allow a lockbox and immediate access to the property anytime for showings
• Respond immediately to requests for updated financial information from your attorney
• Have an open mind when it comes to the deficiency balances if any on the mortgage.
• The goal of a short sale is to avoid foreclosure and mitigate your losses – which may not necessarily mean that you get to walk away scot-free
• Pay the mortgage on time if you want to improve your chances of keeping your credit good, if you are financially able to do so
• Stay in contact with your attorney and make sure that he has your current telephone number and email address
• Follow the advice of your real estate broker when it comes to making sure the house is priced to market
• Retain a competent foreclosure defense attorney immediately upon being served with foreclosure papers.  Foreclosure litigation is separate from a short sale!

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