Can I Short Sale in Florida If I Don’t Have A Normal Hardship?

Can I Short Sale in Florida If I Don’t Have A Normal Hardship?

Can I Short Sale in Florida If I Don’t Have A Normal Hardship? “Can I Short Sale in Florida If I Don’t Have a Normal Hardship?” is a  question we received at the Fort Lauderdale Foreclosure Institute from Chad.

Here is Chad’s Situation.

Chaid said: “I own a condo in Florida. I purchased my unit in 2007, pre-construction for $375k and have a mortgage balance of $337k.

For a while, I have been trying to sell my unit for over two years with no success. I have been unable to refinance because my unit is worth much less than the balance on my mortgage. My request for a loan modification has been denied. I must move by this summer and do not want to make a penny on the sale. I just want to get rid of this property.

I have been advised that I would not get approved for a short sale because I do not have a financial hardship. However, I am not sure if this is correct. I am seeking advice as to what my options are.” Can I Short Sale in Florida If I Don’t Have A Normal Hardship?

Here was our answer.

I am sure if you are moving for a job transfer then you have a legitimate hardship. I do know this.

If you move in six months and stop making the payments, then something will need to be done. The bank will either approve the short sale or foreclose on your property.  Be aware if you stop making your mortgage payments, you could lose your home and damage your credit!

Another option to avoid foreclosure  would be to consider that you could try to rent the unit out and write a check every month to cover the mortgage payments. But, then you would be limping along for years until the market improved and you can sell even.

But, what if things get worse? What if a tenant trashes your condo and you can’t afford the repair bill? No one wants to rent a trashed condo. Then you would have a hard time covering the mortgage payments and then even risk a foreclosure.

I would start the short sale process today. There is a good chance that your lender would approve a short sale today. Many lenders at this point approving more and more short sales with no legitimate hardship just to avoid the costly foreclosure procedure.

If they will not approve the short sale, then you could convince them to approve it later, after you have moved.  Many times we also will be able to figure out at that point at what price point your lender will approve a short sale. Many times short sale negotiator are easy to work with and we can convince them to approve the short sale.

Others might play hardball and want a promissory note from you. It’s all negotiations. The sooner you start the negotiations, the sooner you can move on with your life.

Thinking about a short sale in Florida?  Call our free hotline at 1-800-648-0037 Ext. 1024 or send me an e-mail at, and we will contact you for a free consultation. When we talk, I will explain how the short sale process works in detail and answer any questions you may have.

Florida Connects are not affiliated in any way, shape, or shape with the government.  Our services have not been reviewed or endorsed by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your lender.

Can I Short Sale in Florida If I Don’t Have A Normal Hardship? – is not intended as legal, technical, or tax advice.

This information on Can I Short Sale in Florida If I Don’t Have A Normal Hardship? is provided as a courtesy to our viewers to help them make informed decisions.