Do you have a Mary Esther Florida home with multiple mortgages and liens that you need to short sale? This synopsis of a recent short sale will give you an idea about possible outcomes. An older home in Miramar Estates, Mary Esther, Florida was just approved for short sale, and had four liens. It was a very difficult process, but in the end - success! Here are the details:
Senior Lien: Chase
Balance: $140,000 appr
Junior Lien: BBVA Compass
Balance: $35,000 appr
Junior Lien: Eglin Federal Credit Union - two separate judgments
Balance: $40,000 for both liens
Current Market Value: $85,000 appr
Notes: When you list a short sale in Florida, one of the most important things you need to do is get a title search at the beginning of the listing. That will reveal any outside liens or judgments the seller may not be aware of. In this case, there were two outstanding judgments for car loans and other credit from a local lender, Eglin Federal Credit Union. In Florida, these types of judgments or liens normally have to be released or settled in order to sell a property and transfer a clear title. They don't have to be related to the property itself, they automatically attach to any property sold in the State of Florida. There are some exceptions to paying judgments on Florida homestead properties with a short sale. This was not one of those cases. The seller was not aware of the judgments. That is not uncommon. Many people think a creditor has dropped its case because they haven't been contacted in a while. It can happen with credit cards, car loans, personal loans and even utility bills.
Eglin Federal Credit Union was the most difficult part of this transaction. The senior lien, Chase, acted in their standard manner. The junior lien, BBVA Compass, did as well. But Eglin Federal would not budge on demanding almost 25% of its balance to settle its liens in full. They would not agree to simply "release" them for a smaller dollar amount to allow the closing. Since the seller did not have the funds to pay them, the property had to be marketed with the stipulation that the buyer pay the settlement demand at closing. We found a buyer who was willing to do this. Chase agreed to pay BBVA Compass ten percent of its balance to release its lien. The seller was satisfied with the results. Many agents would have given up on this challenge. It was not easy. but it was successful.
If you have multiple mortgages or other liens, and need to sell your Mary Esther Florida home as a short sale, contact an experienced Mary Esther Florida short sale specialist.
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.