Cape Coral Short Sale Assistance

Cape Coral Short Sale Assistance

This post is being written in late 2024. While the short sale and foreclosure real estate market has been only a small portion of our local SW Florida real estate market we have seen a few lately.

If you are struggling with your mortgage payments and need to sell your home our team can help you. With our experience, we are well equipped to help guide you through this tough time.

With the covid forbearances and then some Hurricane Ian forbearances, we are hearing from homeowners in Cape Coral and surrounding areas who aren’t sure what they can do. Many lenders are willing to work with homeowners to either do a loan modification or some forbearance. But if you are faced with unpaid damages you cannot afford to fix, assessments coming due or even increased insurance and taxes that have made your home payment too much to continue handling you may be eligible for a short sale.

What is a short sale? A Short sale is the sale of a home where your mortgage loan balance is higher than the net proceeds for selling your home in today’s market. Typically speaking a lender will require a hardship to consider a short sale for you. A hardship is often financial but can also be medical, a death/divorce, or some other hardship. In these cases, the lender will agree to a “short” payoff. Ideally, you’ll want that to also be a full release. Sometimes the lender will only approve a short sale if the borrower does agree to some or all of the deficiency to be paid back. This may still be a better option if you have to sell. Experts generally agree that a short sale is a softer hit on your credit than a foreclosure or even deed in lieu of foreclosure. You should research this for your particular situation as we cannot guide you on taxes or legal matters.