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Common Questions And Answers About Florida Short Sales
1) What is the likelihood that the bank refuses to let us do a short sale on the grounds that they don't think our financial situation is dire enough? Is the hardship we discussed sufficient or is there some specific amount of financial desperation we need to prove? You may not have enough info from us to answer this at this point. If so, please let me know what you need to know from us on this, or maybe get the lowdown from xxx on the phone of the overall financial picture. If we have to prove something and can't quite prove it, we want to bail right away before ruining our credit.
Hardships are not always financial. I have not met a lender yet that wouldn't do a short sale. The real question is what are they going to require from you to do one? Cash contribution? Prom note? Both? Unfortunately we won't know until we go through the process. Here's an article I wrote that may help
2) Our credit is about to get ruined, approximately today. I assume this means we couldn't get another mortgage for 7 years and it will be difficult to get credit cards ... more
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