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Facing Foreclosure: Pensacola, Gulf Breeze and Milton Florida home buying, real estate listings, and homes for sale in Escambia and Santa Rosa County, FL
Welcome > For Sellers > Facing Foreclosure ...





Wondering about the consequences of a foreclosure for a homeowner? Or maybe wondering about pursuing a short sale with your lender? Here's a brief explanation of the two and the differences.

Q: What is a foreclosure?

A: Definition provided by wikipedia.com

Foreclosure is the legal and professional proceeding in which a mortgage, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgement.

Q: What is a short sale?

A: Definition provided by wikipedia.com

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.


Q: What are the differences between the two?

A: There are several differences between a foreclosure and a short sale. Some of the primary differences include the following:

In a short sale situation, the homeowner works with the bank to secure a sale of the property before the home is foreclosed on.

A foreclosure property is already bank owned and the seller no longer has any interest in the property.

Q: Should I let my home go to foreclosure or should I consider a short sale?

A: There are several advantages to a short sale. Some of the advantages include less credit damage to the borrower, a smaller loss of capitol to the lender, and lower probability of a deficiency judgement against the homeowner.


Q: What are the alternatives to foreclosure, other than a short sale?

A: There are several alternatives to foreclosure and short sales. These alternatives include mortgage modifications and bankruptcy. It's impossible to know which one is right for you without assessing your specific situation. Call us at 850-479-SOLD (7653) and we'll discuss the options with you.



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Real Estate Tips
Selling Your Home >Multiple Listing Service

When you list your house with a real estate agent who participates in the Multiple Listing Service (MLS), you get a lot of service for your money. Depending upon the MLS region, there may be hundreds of participating members.

The real estate agent who lists your home works to get it sold. This is done by marketing directly to home buyers, but an even more powerful tool is marketing your home to other agents who have buyers. Your real estate agent makes all the crucial information about your home available to the other members through the MLS. Information such as your home's location, size, the number of rooms, the style of architecture, what personal property is included, and any other special features is posted. The MLS description will also contain information about any special financing that might be available, showing instructions, and special needs you may have with respect to closing. The MLS is a powerful tool for real estate matchmakers.

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The Imperial Suite at the President Wilson Hotel in Geneva, Switzerland, which can be reserved for $33,000 per night.
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Team Sandy Blanton, REALTORŪ, real estate agents and broker for Pensacola, Gulf Breeze and Milton Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Sandy Blanton
Team Sandy Blanton

900 E. Cross Street
Pensacola, FL 32503
Tel: 850-479-7653
Fax: 850-479-1996
Email: SandyBlanton@NUMBER1EXPERT.com

Sandy Blanton, a CRS ( Certified Residential Specialist) and a GRI (Graduate Realtor Institute), has earned the reputation of being a leader in the Real Estate industry. In fact, Sandy sold more Pensacola area homes in 2007 and 2008 than any other agent! When Sandy was an agent at ERA, has was nationally recognized in the top 100 out of over 28,000 ERA agents. In other words, he is in the top one percent! In 2000, ERA ranked Sandy as the top listing agent for the Gulf Coast Region and top five in sales. Since 1995, Sandy has sold millions of dollars in real estate - in fact, more than $100,000,000. Experience: It is definitely what Sandy Blanton has! In the first few years of his career, Sandy sold more real estate than most agents sell in a lifetime!

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