FREQUENTLY ASKED SHORT SALE QUESTIONS 

At any time - take action by calling 407 445 7009 and requesting a Orlando short sale kit to start the process. Our informational sellers handbook is a clear guide to what the short sale process is and how it is handled by The Giff Group Short Sale Specialists. Act Now - We Can Help!!

1.) Do I Qualify for a short sale? If you owe more than your home would sell for - you qualify.

2.) I have enough money to pay the difference - Should I do a short sale? We suggest you contact your attorney or legal professional, but you may want to consider paying off the difference to save your credit or look into a loan modification. FYI - We have had people approved even though they had the money in the bank. 

3.) I have been hearing a lot about loan modifications. Should I try one? Sure. If you think you might qualify - why not? Word to the wise - USE YOUR LENDER. It's free. If your lender can't do it - it can't be done by some guy who claims to be a "specialist in loan modifications" and charges you $500 or more. The law actually states that NOBODY can charge up front for Loan Modification services. If they try to charge you up front - they are breaking the law. Is that who you would want trying to save your home? If you feel you qualify for a loan modification or refinance, we can point you to a licensed mortgage company. If you can't qualify, we can help you with the short sale.

4.) Who pays the Realtor for their services? Good News! The bank pays us all commissions plus items the buyer may ask for such as closing costs.

5.) What is a hardship package and why do I need it? The Short Sale hardship letter is to state your situation. The bank wants to understand why you can't make your payments and keep your home. A hardship could be medical (physical or mental illness). It could be divorce, death, relocation, loss or change of employment, addictions causing money loss, taking care of sick parents, large amounts of child support and so on. We can't tell you what your hardship is, but these are some we have seen approved. The rest of the package is simply a combination of pay stubs, bank account statements, profit & loss sheet, and tax returns. Some of these items are never requested from the bank. It all depends on the bank.

6.) Can I short sale my home and buy something more affordable? Maybe. There is talk that this may be some day be called mortgage fraud.

7.) How will the short sale affect my credit. To find out an exact score hit and how your credit will be affected, you will need to get professional advice from an accountant and/or credit professional. It will affect your credit, we are not licensed or trained in the credit department to tell you specifics.

8.) How is a short sale better than a Orlando Foreclosure? - Again, a credit professional, accountant or legal professional can better advise you, but we are told that with a short sale, you can buy a home years before you could if you had a foreclosure on your record.

9.)Can the lender come after me? They can if they choose. It depends on how their final approval letter is written. You still have the choice to accept or deny their terms and opt for the foreclosure or deed in leiu of foreclosure should you decide. We have not seen collections personally, but we understand that the debt can be sold to a collector if it is not written as settled. This can be negotiated in the final stages of the short sale once a negotior has been assigned to your case.

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If you are thinking about short selling your home, you will need as much advise as possible.  Research will be key in this process.  Be sure to think about where you will be going after the short sale is completed.  Will you be relocating or staying in the area.  Will you be renting or buying after the process.  See information on how you can buy another home right after a short sale.  Yes, it is possible to buy another home right after a short sale.  One of the key is if your bank allows you to be current on your mortgage payments while doing a short sale then you can do that.  Also some banks will do a short sale with only a 30 day late so that is also another option.  Also during your short sale negotiations ask your bank to report the short sale as Paid As Agreed.  These are some of the ways to be able to purchase right after a short sale.