When you declare bankruptcy in Florida, you know your credit is going to get bruised. It will take you a long time to build that credit back up, and if you are losing a home in your bankruptcy, it will be an even longer time before you can qualify for a mortgage again. In order to mitigate the damage, many homeowners are choosing to do a short sale after their bankruptcies. This is an excellent alternative to foreclosure, especially if your bankruptcy is already discharged.
The benefits are numerous. For starters, you will get more time in your house if you unload it in a short sale rather than a foreclosure. It will take a little more time to negotiate the deal and arrive at the date that you are required to move out. Another benefit is the amount of time before you can get another mortgage. When you sell your house in a short sale, there will be about two years that you have to wait before you can qualify for another mortgage. A foreclosure following a bankruptcy will require a longer waiting period.
If you are trying to decide whether to short sell your home after a bankruptcy, talk to an experienced foreclosure attorney. Stephen K. Hatchey, a Florida short sale attorney, understands foreclosure law in Florida will be able to help you make the best decision for your property and your financial future. To receive a free consultation, contact our offices at 813-549-0096.