Chase just approved this Destin Florida townhome for short sale. The process was a challenge. There were past due association fees and a judgment recorded in Walton County. In Florida, a property cannot be sold unless liens and judgments are paid or "released" at closing. Here is how we tackled the short sale:
1. Chase. The Chase part of the short sale was pretty straightforward. The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks. When I finally spoke with her, she told me her files had doubled in the last two months and Chase was behind processing their short sales. The best way to reach her was by fax. After making contact, Chase approved the file fairly quickly. It pays to be pleasant on the phone, by the way!
2. The Judgment. In order to close on the Destin Florida short sale, the title agent needed a partial release from the creditor. The creditor agreed to the release in exchange for a small cash contribution from the seller.
3. The Homeowner's Association. There were about $16,000 in past dues owed. Chase would pay half. Would the association agree to settle for less? I asked the seller to contact the association directly and mention Florida Statute 720.3085. It stipulates:
Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee's acquisition of title, shall be the lesser of:
1. The parcel's unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or
2. One percent of the original mortgage debt.
Given that $8000 was more than a year back dues, I thought the association would be delighted to "settle" and get a new paying owner. They were.
If you are contemplating a Destin Florida short sale to avoid foreclosure, be sure to contact an attorney and an experienced Destin Florida short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
IMPORTANT NOTICE: Rulnick Realty, Inc. is not associated with the government, and our 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. If you stop paying your mortgage, you could lose your home and damage your credit.