• Ryan Torrens

Doing a short sale while in foreclosure? DO NOT ignore your foreclosure case.

Updated: Nov 30, 2019

Are you currently in foreclosure and have your property listed with a realtor for a short sale? Please, for your own good (and your realtor’s), do not ignore your foreclosure case. Remember – foreclosure in Florida is first and foremost a Court action. Florida is what we call a judicial state, which means that foreclosures must go through the Court system just like any other lawsuit. Here is the key piece of information you need to know – just listing your short sale with a realtor will not necessarily stop your foreclosure. If you do not pay attention to the Court case, you could end up losing your short sale to a foreclosure auction and find yourself smacked with a deficiency judgment. I will give you just two examples that occurred over the last few days. The other day I met a lady who explained to me that she had her homestead property, which was in foreclosure, listed as a short sale. She said her realtor had assured her that everything was taken care of and there was no need to worry. Here she was thinking she was going to sell her homestead in a short sale, and hopefully obtain a waiver of deficiency, and she ended up losing her house to a foreclosure auction and now is potentially facing a significant deficiency judgment against her personally. This most likely did not need to happen. A foreclosure defense attorney could have appropriately defended against the foreclosure to allow for the needed room for the short sale to get to closing. Unfortunately, this did not happen. Just yesterday I received a phone call from a very nice couple who have their property listed with a realtor as a short sale. Their property is currently in foreclosure and their realtor told them not to worry about all those foreclosure papers they keep getting in the mail and assured them that everything would be taken care of in the short sale. Just the other day they received an Order to Show Cause from the Court, which is essentially a Court order demanding that they (or their attorney, if they’ve retained one) to appear before the judge and explain why a Final Judgment of Foreclosure should not be entered. Fortunately for these folks, they could tell it was something to be concerned about so they called my office. If they had listened to their realtor and ignored it and failed to appear at the hearing, it is just about a certainty that a Final Judgment of Foreclosure would have been entered and an auction date scheduled. Additionally, the realtor would lose out on the potential commission she could obtain from the short sale. It’s simple. If anyone tells you to ignore your foreclosure case, they are ill-informed and dead wrong. All the best, Ryan C. Torrens, Esq.

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