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!
