According to the Florida Agency for Workforce Innovation, the unemployment rate in Florida for September 2009 is 11.0 percent. The unemployment rate in Florida has and will continue to create short sale situations for those home owners who have lost their job.
Short Sale
A short sale is created when a home owner is caught up in a distressed situation that makes it impossible for them to make their monthly mortgage payments. When modification or refinancing is not an option, the home owner can choose to list their home for sale, subject to their lender agreeing to accept less than is owed. The loss of a job is a valid reason to approach a lender about short selling the home.
Why would a seller choose to short sale?
Faced with short selling or foreclosure, a home owner may decide on short selling with the future in mind. Eventually the seller will find new employment and may want to start to saving money with the goal of buying another home. A foreclosure on their credit report will increase the number of years it might take to find a lender to approve them for a loan as compared to a short sale.
Each situation is different and if you have recently lost your job and are falling behind on house payments, call your lender immediately. You may also want to speak with an attorney about your personal situation. If you decide your best course of action is selling subject to a short sale, then call me. As a Certified Distressed Property Expert, I can help you work through the short sale process.
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