Homeowners in Florida may qualify for a pre-foreclosure sale-short sale

A pre-foreclosure sale or short sale is when you sell you home for less than is owed with your lender's agreement to accept less than is owed on the property. This is an option many in Florida are choosing to take as their personal situation worsens. What are some of the guidelines to consider to determine if a pre-foreclosure short sale is the right course for you?

• You are facing a financial hardship that prevents you from paying your mortgage payment as agreed.
• You have been unable to work out a solution with your lender; loan modification, forbearance, repayment plan.
• Your home is no longer worth what you owe on it.

Before agreeing to short sale your home you should consult with a real estate agent, a tax accountant and an attorney to determine for yourself that a pre-foreclosure short sale is the correct course for you.

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