In the course of my daily dealings with potential short sale clients in the Punta Gorda- Port Charlotte - North Port area, I am often asked the same set of questions. It seems that a lot of uncertainty still surrounds the whole short sale process.
Probably the most common question I'm asked is, "when should I initiate a short sale?"
This is probably not the easiest question to answer. You should investigate and initiate a short sale as soon as you start getting that funny feeling in your gut that all is not right with your financial situation. You know, the gnawing feeling that the juggling act to pay all the bills is about to come crashing down, sooner rather than later.
Everybody seems to come to the conclusion that short sale is right for them over a period of time. Nobody wakes up one day and decides to do a short sale of their house. They may contemplate, and even investigate, other remedies such as a refinance, loan forebearance, loan modification, sale of their house, or simply to walk away. One by one the utter impracticality of each solution becomes apparent.
And, even at this point many are reluctant to make the decision. Some wait till their mortgage is solidly in default, or maybe even the foreclosure papers are filed, before they make the decision.
Understandable though these actions (or lack of action) may be, it is very dangerous to squander the most important resource available to distressed homeowners to succesfully close a short sale of their home - TIME.
So, if somebody has those feelings of uncertainty and confusion, my answer to the question above would be "as soon as you start feeling uncomfortable with your mortgage situation, investigate your options, analyze them, and make an informed decision!"
Time, in many of these situations, is certainly of the essence. Don't sabotage the most sensible 'way out' by jeopardizing the limited time you may have to act
We invite homeowners who are starting to feel uncomfortable with their mortgage situation to visit our website at www.FloridaMortgageRelief.info and start getting educated!