Southwest Florida Title Insurance & Real Estate Blog -

The post short sale party can go on for a while.

This is the 10th step in our series: “12 Things You Should Know to Survive a Short Sale.”

I’ve asked my good friend and attorney, P. Brandon Perkins, questions about deficiency judgments that he so often deals with.

My next question for Mr. Perkins was: “After the lender gets its judgment, what can the short seller expect?”

That is, what effect could that have on the short seller’s assets, wages, etc.?

Mr. Perkins explained that a Florida Attorney will be able to evaluate your specific situation and determine what the practical effect of the judgment will be.

On one hand, you could be judgment proof, i.e., you only own exempt assets.

On the other hand, you may have exposure to the judgment by owning non-exempt assets.

My next questions regarding short sales were

  • What if the shorted lender does not seek a judgment immediately after the foreclosure short sale?
  • How long should a short seller keep looking over their shoulder?

Mr. Perkins explained that the Statute of Limitations is five years to seek deficiency judgments.

My final question for Mr. Perkins was: “What if the lender bothers to get a deficiency judgment, for how long is the judgment effective against the short seller?”

Mr. Perkins’s reliable answer? Up to 20 years.

Florida law allows for judgments to remain valid for 10 years with the option of renewing the judgment for an additional 10 years.

If any of this short sale business is making you queazy, Winged Foot Title is here to make the process easy for you. Not Queazy.

Look how simple Winged Foot Title made this short sale:

Here’s a short sale approval letter from GMAC, which closed 03/30/2010. The short sale approval came within approximately 52 days from the date of short sale package submission and 48 days after the filing of the lender’s Lis Pendens (or, the beginning of the foreclosure action). The original loan amount was for 176k and lender accepted 60k with a commission of 6% to real estate agents.

12 Things You Should Know to Survive a Short Sale” is a FREE eBook that is available for immediate download at

If you have any real estate or short sales questions – please don’t hesitate to contact us, or call us at (239) 985-4142. We service all of Southwest Florida including: Fort Myers Estero, Bonita Springs, Naples, Cape Coral, Pine Island, Punta Gorda, and Port Charlotte.

– Chris

1 Response

  1. adidas wiings Says:

    I’m happy I found this blog. Thank you for sharing with us.

    Posted on January 12th, 2012 at 3:43 am

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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.