This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
Many South Florida borrowers face a tough decision after defaulting on their mortgage loan... Is a Short Sale the right thing for us to do right now? The answer is actually not as complicated as you may think.
Simply put, if you are ready to leave the property within 3-6 months and you require a little financial help in making the transition to your new home, then the Short Sale is the way to go. The typical successful Short Sale transaction takes about 3-6 months from listing to closing. And, most banks offer anywhere from $3,000 - $10,000 in relocation assistance at the closing. In addition, a waiver of deficiency (the difference between what you owe on the loan and what the property is worth) can typically be negotiated with banks in most Short Sale transactions.
Further, it is a way for many borrowers to salvage their credit. Also, it is a way to speed up the waiting period for a new mortgage after filing a foreclosure. A Short Sale typically results in a report of the mortgage on your credit as "settled for less than the full amount owed"; as opposed to a flat-out "foreclosed" branding. Most lenders provide for a waiting period of 4 years after a foreclosure before a potential borrower will be considered for a new mortgage; while that waiting period is typically reduced to 18-24 months following a Short Sale.
However, keep in mind that closing on a Short Sale will require you to leave the house right away. And, if you're not ready to take that step, a different strategy may be a better fit for you. Perhaps the Short Sale initiation process can be delayed for some period of time; while circumstances change so that you can later be in a better position to start on the Short Sale.
I am an attorney helping borrowers in these and similar situations navigate the process and make the best of a difficult situation. Please call or email me to schedule a Free Consultation to discuss your situation and options. I look forward to helping in any way I can.
Emil Fleysher is a South Florida attorney dedicated to helping individuals overcome financial hardships. As the founder of the Law Office of Emil Fleysher, P.A., he specializes in bankruptcy, debt settlement, foreclosure defense, and mortgage solutions.
A graduate of Nova Southeastern University Shepard Broad Law School (2009, honors), Emil has a strong commitment to consumer rights and has volunteered over 300 hours with Legal Aid of Broward County. His firm takes a personalized, client-focused approach to debt relief, ensuring individuals understand their options and regain financial stability.
For those facing overwhelming debt or foreclosure, Emil offers free consultations to explore the best solutions.
"*" indicates required fields
