Short sales in South Florida are very, very popular these days. Particularly in places like Miramar, Hallandale, Hollywood, Pembroke Pines, Davie, and Fort Lauderdale, more and more short sales are being offered with mortgage banks coming on board to help get these short sale deals done. South Florida real estate lawyers and particularly Florida short sale attorneys in the Hallandale / Fort Lauderdale area have seen quite a turnaround in the attitude of many local Florida banks toward making a short sale happen.
List of Short Sale Programs Offered by Florida Banks
There are a number of different short sale packages being offered right now by various banks and federal agencies. Not all of them are the same, and not all of them apply to every homeowner. Underwater homeowners who are current on their mortgages and considering a strategic default can expect a different attitude from their bankers than those who are underwater and in financial difficulties. If you can afford to make the mortgage payment but you think it’s unwise to keep paying on a loan that is so much higher than the current market value of the property, then the bank may not share your view that financially speaking, defaulting is the best option.
Here is a list of various Short Sale Programs Offered by Florida Banks and Federal Agencies. It’s not a complete listing: local credit unions, small regional banks: they may have their own deals set up. Also, this information as shown below will change over time: banks may not be as willing to agree to a short sale two years from now as they are today.
Banks
Bank of America Short Sale Program
CitiMortgage Program
Wells Fargo Short Sale Program
Federal Agencies
HAFA – Fannie Mae Short Sales Program
HAFA – Freddie Mac Short Sales Program
HAFA – Non – GSE Short Sales Program (Memo Extending to December 31, 2013)
Larry Tolchinsky’s Tip:
This list isn’t written in stone. Negotiations can be had with banks, and there are many different lenders facing short sales in Davie, Fort Lauderdale, Hallandale, Hollywood, Miramar, and Pembroke Pikes – and other communities in the Miami / Fort Lauderdale metroplex – that offer their own short sale deals.
Smaller banks and local lenders here in South Florida have different approaches and attitudes to short sales and foreclosure risks than the bigger banks: it’s important to know what they expect and what their record is in dealing with past short sale clients before you go into negotiate with any bank, but particularly these local South Florida banks, credit unions, and the like. All banks will be able to negotiate with you on the short sale, however, and things like fees, closing costs, relocation help, deficiency waivers, and more should be issues that are ironed out with the bank as part of the short sale negotiation between lender and borrower.
Short sales can be good deals for Florida home owners. The best short sale deals, though, are going to be ones that have been negotiated between the lender and the borrower over a negotiation table – not one where the borrower takes whatever the bank offers up in the first go-round. Be careful out there. Again, as we’ve discussed in a prior post: no matter how friendly, the bank is not your friend and is not on your side.
Do you have questions or comments? Then please feel free to Chat with Larry in the comments below, at info@hallandalelaw.com, or (954) 458-8655. If you have a specific situation, please call or email Larry because he can’t answer specific fact questions in general comments. He’s happy to take your call.
