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If you are dealing with an underwater mortgage and are having trouble making the payments, you might start to think that you don’t have any options other than to just sit back and allow the foreclosure process to take place. That isn’t always the case. Some of our Florida readers might be interested in learning about how a short sale might help them to get out from under an underwater mortgage without having to go through the foreclosure process.

A short sale is something that many of our readers have heard of, but some people might not understand all the points of this concept. There are a few points that you must know about if you are considering a short sale.

In order for a short sale to be considered, you have to be unable to make your mortgage payment. You have to prove that your home is worth less than what you owe on it. You also have to prove that you have a situation, such as a job loss, that is making it impossible to keep up with your payments. If you think your situation qualifies for a short sale, we can help you move forward with exploring the possibility.

One of the most important points about a short sale is that the bank or mortgage company has to agree to the sale, including being willing to accept a sale price that is lower than what you owe on the home. They must also accept a buyer’s offer on the home. You do have to have a qualified buyer in order to complete a short sale.

There are very specific things you have to consider, including the tax implications of a short sale. From start to finish, we can help you to understand how a short sale might affect you.