Southwest Florida Title Insurance & Real Estate Blog -

Archive for May, 2012

Money

This is the 7th tip of “10 Questions You Should Ask About Florida Short Sales” eBook, which is available as a FREE download.

FL Short sale lenders sometimes require cash contributions from short sellers in exchange for the lender’s agreement to approve the sale. The amount of cash demanded varies considerably and, as with Promissory Note requirements, depends very much on the FL short seller’s ability to make that sort of contribution and the amount of the loss the lender is absorbing.10 Questions You Should Ask About Florida Short Sales

We have seen as little as $250 and as much as $75,000. These amounts are ordinarily negotiable to the extent that the lender will negotiate.

Much like with Promissory Note requests, demands for cash contributions are more common when mortgage insurance is involved. If your loan has mortgage insurance, you should prepare to deal with this type of request.

If you would like to learn more about FL short sales and don’t feel like waiting for the next post, simply click the eBook icon on the right and download your FREE copy today!

If you have additional questions, please feel free to contact us online or call us at 239-985-4142.

-Chris

Chris and Lydia Black

Hey there! Just wanted to let you know that my lovely wife Lydia and I will be performing Love Letters (presented by Theatre Conspiracy) on Friday, May 25th at 8pm at The ALLIANCE for the ARTS Foulds Theatre in Fort Myers.

This will be our theatrical debut so kindly keep your rotten tomatoes at home. 😉 We are one of nine couples performing this piece for 9 different charities. We are performing to benefit the Alliance for the Arts Education Programming.

What exactly is “Love Letters” you may ask?

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Promissory note

This is the 6th tip of “10 Questions You Should Ask About Florida Short Sales” eBook, which is available as a FREE download.

Lenders occasionally require a new obligation in exchange for approving a Florida short sale. This new obligation is typically in the form of a promissory note.

Most promissory notes required after short sales are unsecured debt obligations – not unlike the note you signed for your original home loan but without the mortgage to secure the debt.

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.