Short Sale or Strategic Default in Florida...Bills are on Time no hardships yet...

[usfpanther]

Hello, I am new to the forum and I apologize if I posted this in the wrong area. I just wanted to ask if it would be worth it to attempt a short or should I strategicly default. I am in Florida and have my mortgage through Freedom Mortgage.

I am on time will all my payments and make enough with my wife to pay all bills and CC's and live okay financially. We don't have much of any savings, 2 cars, one paid off and one is not. Don't really have any other assets or savings at this point beside retirement accounts. I have recently started a new job that I will end up making a decent amount more this year than last year, so I'm not sure how that factors in or not. Eventually I want to have a kid and currently, in my opinion, my house nor neighborhood is a place I want to raise a kid.

So my over all goal is to just move out, but now I feel stuck and have little options unless I have a hardship, like lose a job or divorce. Would a letter stating we're seperated make any difference. (honestly, may not be that from the truth, but we both feel a change is needed and moving to a difference house would really help)


Any thoughts or concerns that I should I be aware of? Thanks for any help you can provide!

[Cat Damiano]

HI usfpanther,


Welcome to the forum and thank you for joining.........


Since you are in a recourse state what most are concerned about with a short sale is that;

A) you would need to show a hardship, and without one, the lender is inclined to deny the short sale.
B) you would need to give a complete picture of your finances and now the lender has the information to use to come after you for any deficiency.


There is a good discussion thread on the differences here;

SS vs DIL vs FC Comparison