I received a phone call today from the friend of a friend. We had a long discussion on his current situation and the fact that he is considering a short sale. He gave me a lot of information about what is going on in his life and the fact that on May 18th he will be three months behind on his mortgage payment.
I agreed to send him some information and run some comps on his home. We are going to get together once I have comps and discuss everything in person before I make the initial phone call to the bank for him.
Then I asked him if he had considered doing a Deed in Lieu of Foreclosure. He did not want to do a foreclosure since it would hurt his credit more than a short sale but he had not considered a Deed in Lieu of Foreclosure.
Since I am NOT an attorney, I supplied him with the name of an attorney that he could call to get more information on the process AND to get an estimate on what the legal fees involved would be. That last part would be an important part in his final decision making process. I just think that it is best to explore ALL of your options before making such an important decision.
Since there is only a single mortgage and no other liens against the property, I think that this might be an option worth exploring!
If you are in a similar situation and considering short sale or foreclosure, be sure to discuss the option of a Deed in Lieu of Foreclosure with a real estate attorney before you make your final decision on what path to take!
Buying or Selling - - Call Barbara-Jo for all of your real estate needs! - - 727-512-0910
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Barbara-Jo Roberts Berberi, MA
Charles Rutenberg Realty
Serving the Greater Palm Harbor Florida Area, including Crystal Beach, Dunedin & Tarpon Springs Florida
Waterfront condos & homes
Your Real Estate Specialist
If you are thinking of purchasing in the Palm Harbor, Crystal Beach, Safety Harbor, Dunedin, Tarpon Springs area or along our pristine Gulf Beaches, give me a call! With years of experience in the local real estate market, I am here to assist you in making one of the most important purchases of your life! Give me a call today! Find out for yourself why living along the Gulf Coast is indeed living in Paradise!