Can't Sell in FL - No Available Funds....

[Out O' Money]

I did something stupid in November - I accepted a GREAT job in NC and ASSUMED I could sell my townhouse in FL before I ran out of money. I'm running out of money and need to decide what to do very soon.

I have good credit. I am current on all of my debt. I cannot afford my rent AND my mortgage. There is a slim to no chance that I will sell the townhouse -which has already been listed for 2 month - in the next 6 months (there is an exact unit listed for $20,000 less than mine and I am still bringng $10,000 to closing if I get list price). I want to cut my losses as soon as possible. At this point, I'm upside down in the townhouse and feel like I'm just flushing money down the drain when I write the mortgage check.

Here are my questions:
1. Deed-in-lieu: are banks (Sun Trust in particular) actually doing this? What does it do to my credit score? Do I have to pay taxes (1099) for this?

1a. Is it possible to do a deed-in-lieu if you have a first and a second mortgage through the SAME lender?

2. Foreclosure: do I need to get a lawyer and if so, how do I find a good one in Pinellas county Florida? Is there a way to excellerate the process so that I can start repairing my credit quicker? I'm not living there so I don't care if I foreclose tomorrow.

3. What does it mean to have "bad" credit? I know this is a niave question, but I've never had "bad" credit. How does it affect your life?

4. If I am up to date and stay up to date on all my other payments and actually pay down my credit card debt, how quickly will my credit score recover - understanding that the foreclosure will be listed on my credit report for 7 - 10 years.

5. If I sell it before the foreclosure is final but after the foreclosure process is initiated, does my credit still get dinged?


THANK YOU for your help - at this point, I just don't know what to do!

I'll take a quick stab by first pointing out that deeds-in-lieu are always possible but not likely in terms of actually happening. Reasons are two-fold. First there are issues of subsequent liens. That is bad things that attach to the property that are eliminated through a foreclosure. Lenders will not take a deed-in-lieu unless they receive title insurance in conjunction with the transaction showing the property does not have liens that were subordinate to their loan. I've been in this business since 1972 and I can count on the number of deed-in-lieu transactions I've seen completed on one hand.

The earlier you stop performing (making payments) the earlier the credit repair process starts (expect at least a 7 year duration for the credit dings associated with this issue to disappear). Chances are the lender will foreclose on the first mortgage, get the property back, and chase you as an unsecured creditor on the second mortgage.

I'm thinking best to lower the price down to rock bottom, see if you can bet a buyer, go to the lender and attempt a short sale where you agree to pay the shortfall on a personal (unsecured) note over an extended period of time. Problem is you are in Florida, not a nice place given the recourse nature of the loans, to be a borrower.

Other thoughts?

Daniel

I will post Florida Foreclosure law below - but I will speak to the credit issues directly as follows: Foreclosure and Deed in Lieu of Foreclosure will affect/effect your credit the same - they are for the intent of lenders the same thing. FNMA/FHLMC on a manual underwrite require 4 years since the event. With DU they require 24 months and I am without a doubt here to tell you that the DU findings will be an Expanded Level finding and the underwriter today will not necessarily approve the loan regardless of the findings rating it as Eligible. We are not approving them in todays world they way we were. FHA and VA require 36 months from the date of the event - all require re-established credit with NO blemish.

Yes your credit will be seriously "dinged" if you miss a mortgage payment and even more seriously "dinged" if you go to NOD or Pre-Foreclosure status. The rating even though the Foreclosure did not occur is the same for us lenders. 120 days/NOD is as far as we are concerned - FORECLOSURE in our analysis of a credit decision.

Your only "out" is to keep payments current and try for a Short Sale - however that is really really tough these days and depending on your loan and who has it and if they really own it, highly improbable. Again the Deed in Lieu is the same as Foreclosure........also the probablility of obtaining a Deed in Lieu in a state where there is not same day recording and simultaneous recording is difficult due to possible liens that are not of record and the lender holding the existing liens do not want to be holding them (the unrecorded liens) after the fact.

The long term affects/effects to bad credit are many....getting another mortgage as outlined above impossible at good rates for at least 3 to 4 years. Employers are routinely pulling credit for the purposes of evaluating new employees and in certain professions this could have serious impact to your prospective employment. Forget new credit cards for quite some time. Car loans will be skewed at a much higher rate. And so it goes.

Now.....are you living in this property? Can you rent it for an amount that would vaguely cover the payment and not break your bank every month with the short fall? If the answer is yes, and you can rent it with the above conditions - Rent IT. Then try for modification of the Note to more manageable terms, i.e. payment. Investment properties are tough to modify, however - not impossible. They do not want another condo, town home, house in Florida on their REO roles. If you have a FNMA or FHLMC product on the first which I suspect that you do modification may be immpossible as well. FNMA or FHLMC are vanilla products fixed rate 30 year products and do not modify.

Again I can not begin to minimize that Deed in Lieu is the Same as Foreclosure, really important issue. Short sale does not affect/effect you the same, in as far as your credit is concerned, but I believe very, very tough to get in your circumstances. Sun Trust is more Sophisticated than most....having said that I suspect you do have a GSE product - FNMA or FHLMC on the 1st loan. You can make contact with them for short sale, and perhaps have the idea considered.

Now for the kicker - all of the agencies state categorically that inability to sell property for relocation to another job is not an extenuating circumstance to foreclosure/deed in lieu of foreclosure.

Recourse - the new buzz word - depending on the transaction you may or may not be hit with a deficiency judgment in foreclosure if the property sells for less than what is owed. Please, please before you go that route contact a qualified, experienced (in these matters), reputable attorney for advice to your situation with regards to financial and legal affairs.

__________________________________________________ ________

Florida Foreclosure Law
- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instruments: Mortgage

- Timeline: Typically 180 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.

The court order of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms. Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the lender or their representative to place such advertisement, publication, or notice.

Equitable Right of Redemption ends at the foreclosure sale (or at another time specified by the courts, but this rarely happens). There is a period of time after the sale that "the court reviews the sale to ensure a fair price has been paid." Basically, this period of time allows parties to object to the sale on the basis that proper procedures were not followed or collusion existed between the bidders, for example. This period is usually 10 days, after which the Certificate of Sale is filed and title passes, if the sale is confirmed. If the sale is not confirmed, another sale is ordered. (Reference F.S. Chapter 702)

The lender may sue to obtain a deficiency judgment in Florida.

Source http://www.foreclosurelaw.org/Florid...losure_Law.htm


Florida Foreclosure is Judicial.

Equity

All mortgages shall be foreclosed in equity. In a mortgage foreclosure action, the court shall sever for separate trial all counterclaims against the foreclosing mortgagee. The foreclosure claim shall, if tried, be tried to the court without a jury.
Legal notice concerning foreclosure proceedings

Whenever a legal advertisement, publication, or notice relating to a foreclosure proceeding is required to be placed in a newspaper, it is the responsibility of the petitioner or petitioner's attorney to place such advertisement, publication, or notice. Florida foreclosure law states that the advertisement, publication, or notice shall be placed directly by the attorney for the petitioner, by the petitioner if acting pro se, or by the clerk of the court.
Order to show cause; entry of final judgment of foreclosure; payment during foreclosure

(1) After a complaint in a foreclosure proceeding has been filed, the mortgagee may request an order to show cause for the entry of final judgment and the court shall immediately review the complaint. If, upon examination of the complaint, the court finds that the complaint is verified and alleges a cause of action to foreclose on real property, the court shall promptly issue an order directed to the defendant to show cause why a final judgment of foreclosure should not be entered.
(a) Florida foreclosure law states that the order shall:

1. Set the date and time for hearing on the order to show cause. However, the date for the hearing may not be set sooner than 20 days after the service of the order. When service is obtained by publication, the date for the hearing may not be set sooner than 30 days after the first publication. The hearing must be held within 60 days after the date of service. Failure to hold the hearing within such time does not affect the validity of the order to show cause or the jurisdiction of the court to issue subsequent orders.

2. Direct the time within which service of the order to show cause and the complaint must be made upon the defendant.

3. State that the filing of defenses by a motion or by a verified or sworn answer at or before the hearing to show cause constitutes cause for the court not to enter the attached final judgment.

4. State that the defendant has the right to file affidavits or other papers at the time of the hearing and may appear personally or by way of an attorney at the hearing.

5. State that, if the defendant files defenses by a motion, the hearing time may be used to hear the defendant's motion.

6. State that, if the defendant fails to appear at the hearing to show cause or fails to file defenses by a motion or by a verified or sworn answer or files an answer not contesting the foreclosure, the defendant may be considered to have waived the right to a hearing and in such case the court may enter a final judgment of foreclosure ordering the clerk of the court to conduct a foreclosure sale.

7. State that if the mortgage provides for reasonable attorney's fees and the requested attorney's fees do not exceed 3 percent of the principal amount owed at the time of filing the complaint, it is unnecessary for the court to hold a hearing or adjudge the requested attorney's fees to be reasonable.

8. Attach the final judgment of foreclosure the court will enter, if the defendant waives the right to be heard at the hearing on the order to show cause.

9. Require the mortgagee to serve a copy of the order to show cause on the mortgagor in the following manner:

a. If the mortgagor has been served with the complaint and original process, service of the order may be made in the manner provided in the Florida Rules of Civil Procedure.

b. If the mortgagor has not been served with the complaint and original process, the order to show cause, together with the summons and a copy of the complaint, shall be served on the mortgagor in the same manner as provided by law for original process.

Any final judgment of foreclosure entered under this subsection is for in rem relief only. Nothing in this subsection shall preclude the entry of a deficiency judgment where otherwise allowed by law.

(b) The right to be heard at the hearing to show cause is waived if the defendant, after being served as provided by law with an order to show cause, engages in conduct that clearly shows that the defendant has relinquished the right to be heard on that order. The defendant's failure to file defenses by a motion or by a sworn or verified answer or to appear at the hearing duly scheduled on the order to show cause presumptively constitutes conduct that clearly shows that the defendant has relinquished the right to be heard. If a defendant files defenses by a motion or by a verified or sworn answer at or before the hearing, such action constitutes cause and precludes the entry of a final judgment at the hearing to show cause.

(c) In a mortgage foreclosure proceeding, when a default judgment has been entered against the mortgagor and the note or mortgage provides for the award of reasonable attorney's fees, it is unnecessary for the court to hold a hearing or adjudge the requested attorney's fees to be reasonable if the fees do not exceed 3 percent of the principal amount owed on the note or mortgage at the time of filing, even if the note or mortgage does not specify the percentage of the original amount that would be paid as liquidated damages.

(d) If the court finds that the defendant has waived the right to be heard as provided in paragraph (b), the court shall promptly enter a final judgment of foreclosure. If the court finds that the defendant has not waived the right to be heard on the order to show cause, the court shall then determine whether there is cause not to enter a final judgment of foreclosure. If the court finds that the defendant has not shown cause, the court shall promptly enter a judgment of foreclosure.


(2) In an action for foreclosure, other than residential real estate, the mortgagee may request that the court enter an order directing the mortgagor defendant to show cause why an order to make payments during the pendency of the foreclosure proceedings or an order to vacate the premises should not be entered.

(a) Florida foreclosure law states that the order shall:
1. Set the date and time for hearing on the order to show cause. However, the date for the hearing shall not be set sooner than 20 days after the service of the order. Where service is obtained by publication, the date for the hearing shall not be set sooner than 30 days after the first publication.

2. Direct the time within which service of the order to show cause and the complaint shall be made upon the defendant.

3. State that the defendant has the right to file affidavits or other papers at the time of the hearing and may appear personally or by way of an attorney at the hearing.

4. State that, if the defendant fails to appear at the hearing to show cause and fails to file defenses by a motion or by a verified or sworn answer, the defendant may be deemed to have waived the right to a hearing and in such case the court may enter an order to make payment or vacate the premises.

5. Require the mortgagee to serve a copy of the order to show cause on the mortgagor in the following manner:

a. If the mortgagor has been served with the complaint and original process, service of the order may be made in the manner provided in the Florida Rules of Civil Procedure.
b. If the mortgagor has not been served with the complaint and original process, the order to show cause, together with the summons and a copy of the complaint, shall be served on the mortgagor in the same manner as provided by law for original process.

(b) The right to be heard at the hearing to show cause is waived if the defendant, after being served as provided by law with an order to show cause, engages in conduct that clearly shows that the defendant has relinquished the right to be heard on that order. The defendant's failure to file defenses by a motion or by a sworn or verified answer or to appear at the hearing duly scheduled on the order to show cause presumptively constitutes conduct that clearly shows that the defendant has relinquished the right to be heard.


(c) If the court finds that the defendant has waived the right to be heard, the court may promptly enter an order requiring payment in the amount provided in paragraph

(f) or an order to vacate.

(d) If the court finds that the mortgagor has not waived the right to be heard on the order to show cause, the court shall, at the hearing on the order to show cause, consider the affidavits and other showings made by the parties appearing and make a determination of the probable validity of the underlying claim alleged against the mortgagor and the mortgagor's defenses. If the court determines that the mortgagee is likely to prevail in the foreclosure action, the court shall enter an order requiring the mortgagor to make the payment described in paragraph (e) to the mortgagee and provide for a remedy as described in paragraph (f). However, the order shall be stayed pending final adjudication of the claims of the parties if the mortgagor files with the court a written undertaking executed by a surety approved by the court in an amount equal to the unpaid balance of the mortgage on the property, including all principal, interest, unpaid taxes, and insurance premiums paid by the mortgagee.

(e) In the event the court enters an order requiring the mortgagor to make payments to the mortgagee, payments shall be payable at such intervals and in such amounts provided for in the mortgage instrument before acceleration or maturity. The obligation to make payments pursuant to any order entered under this subsection shall commence from the date of the motion filed hereunder. The order shall be served upon the mortgagor no later than 20 days before the date specified for the first payment. The order may permit, but shall not require the mortgagee to take all appropriate steps to secure the premises during the pendency of the foreclosure actions.

(f) In the event the court enters an order requiring payments the order shall also provide that the mortgagee shall be entitled to possession of the premises upon the failure of the mortgagor to make the payment required in the order unless at the hearing on the order to show cause the court finds good cause to order some other method of enforcement of its order

(g) All amounts paid pursuant to this section shall be credited against the mortgage obligation in accordance with the terms of the loan documents, provided, however, that any payments made under this section shall not constitute a cure of any default or a waiver or any other defense to the mortgage foreclosure action.

(h) Upon the filing of an affidavit with the clerk that the premises have not been vacated pursuant to the court order, the clerk shall issue to the sheriff a writ for possession which shall be governed by the provisions.

Source http://www.foreclosureuniversity.com...ws/florida.php

[Out O' Money]

WOW! Ok. Thoroughly freaked out but I really appreciate the candor and still have a couple questions.....

"Subsequent liens"? "Unrecorded liens"? "Same day recording"? "Simultaneous recording"? If I've been current (and still am current) on my mortgage, credit cards, utilities, etc, would I have any liens? I am current on my HOA, own my car, paid off my student loans. I've only been in the townhouse a year and a half, so I have no equity. Is this really a concern for me?

Short Sale: While I understand that this is the best option for retaining my credit rating, I don't think it's viable for me. I really have NO confidence that even a rock bottom price will bring a buyer. Nothing has sold in my development in over a year.

Renting: This is also not really an option. Two weeks ago, I spoke with an agent about renting the property. She thinks I can get $1100/month. Sun Trust just notified me that my mortgage will increase by another $150/month starting next month because they didn't collect enough escrow to cover Flroida taxes and insurance. My mortgage payment will be $1800/month plus the management company fees - I'll still have to pay out $1000/month. Just not feasible.

I do have a 30 year fixed "vanilla" product so I cannot modify my loan.

POPPY - WHAT DOES THIS MEAN?? You said "Now for the kicker - all of the agencies state categorically that inability to sell property for relocation to another job is not an extenuating circumstance to foreclosure/deed in lieu of foreclosure." Does this mean that I cannot foreclose? Or are there additional impacts on my credit if I do?

PROFESSOR SHAYS - WHAT DOES THIS MEAN?? You said "Chances are the lender will foreclose on the first mortgage, get the property back, and chase you as an unsecured creditor on the second mortgage." Would I be better off if I continue to pay on the second (about $300/month) and let the first mortgage go?

Last question: How do I identify a reputable experienced attorney in Pinellas County, Florida?

I cannot thank you enough for your advice. This is a huge decision that I have to make here and I believe that knowledge is power. I really appreciate your time! THANK YOU!

OK the first issue is techie speak in the title and mortgage industry for why the deed in lieu is so difficult....it means simply that someone could have a lien that is not showing recorded against the property when you give the deed in lieu and the lender will get stuck with it and for that reason the deed in lieu is just not something that they are doing where there is not a same day recording requirement.

You could be current but still have a Federal Tax Lien that has not hit the recorder's office that will attach to the property - making the Lender seceptable (sp) to that lien.....I know you don't, but they are not taking anyones' word for it....

The kicker remark was that in Foreclosure consideration for further or future credit there are what is known as extenuating circumstances and this one is actually spoken to in the guidelines as not extenuating. You need to know that it is not considered extenuating in making your decisions.

As for the recourse question....you must speak to an attorney to obtain good, solid, experienced advice on what the lender can do to you after the fact. I am not an attorney and as the disclaimer on this site sez.....we none of us can proffer legal advice. In the case of that question....I must defer to an attorney for specific advice to your circumstances and situation and what if any recourse the lender can and will seek.

Resolution to raise in payment - pay the escrow shortage in a lump sum if possible and the payment will only increase the actual amount of the 1/12th of the tax escrow increase. Renting issues, how about a management company that does not charge an arm and leg....Check out other rental management companies. Try to see if you can get the expenses down.

Attorney question - contact your local bar association for referral, make sure that they are experienced (in these matters), reputable, honest and you feel comfortable with them. Interview them, they work for you, you are paying them. There is also a Florida attorney referenced on this site. Try all avenues.

You asked:

PROFESSOR SHAYS - WHAT DOES THIS MEAN?? You said "Chances are the lender will foreclose on the first mortgage, get the property back, and chase you as an unsecured creditor on the second mortgage." Would I be better off if I continue to pay on the second (about $300/month) and let the first mortgage go?

This is a foreclosure strategy where the same lender owns the first and second mortgage. If the first is let's say $80K, and the second is $20K and the property is worth no more than $85K, why not foreclose on the first, which when completed makes the entire second an unsecured debt (security interest wiped out). Then it isn't an issue of a deficiency judgment, it is simply suing on an unsecured debt.

I really do not have a suggestion other than the one I made which is to find a buyer, and assuming these are recourse debts (something a Florida lawyer needs to advise you on), then some sort of a negotiated short sale where you make payments to cover their shortfall over a reasonable period of time may make sense.

Good luck......

[Out O' Money]

OK. I took your advice. I spoke with two lawyers yesterday. I spoke with my realtor and my bank today. I am going to attempt a Short Sale. I paid $178,000 for my property and I now have it listed for $155,000, which is $10K less than any other property in the neighborhood.

Now I wait.

But while I'm waiting, I have a question or two.

Why would the bank deny a Short Sale if they know I will foreclose if they don't accept it?

And if I have it listed $23K less than what I bought it for and I can't get any offers, what makes them think they can do better if we foreclose and it goes to auction?

In speaking with the lawyers, they were both of the opinion that they could not help me until after I forclose - and then maybe I will have to file for bankruptcy. (I believe they are reputable because I went through the "Lawyer Referral Service," was specific about what I needed to talk about and paid $50 to get the names!! So they must be reputable, right??) I do not want to file for bankruptcy. What is the likelihood that I will have to? By that I mean what percentage of people who foreclose actually go into bankruptcy?

Again - thanks for your help. Keep your fingers crossed that I can actually complete the Short Sale!!

As you are in a situation with a fairly reputable lender - Suntrust the chances are that they will open discussion re a short sale. Not to say that the investor will not be involved as well, but in this case looks like FNMA, so that is good too. You are dealing with reasonable and skilled sides of the industry, not the normal scum.

Retain an attorney to assist in the short sale process and plan for the worst, hope for the best. Again you are not dealing with the usual characters, these are professionals. This being said, make sure the agent is aware that this is a short sale in negotiations, list the property, enter into negotiations now with the lender and determine what their tolerances are in the short sale process prior to the actual contract occurring. Dialog is important. They will be motivated and particularly if they can get a commitment from you regarding the short amount that they would want some repayment on. Do not be surprised, they do want all of their money, so that is an important thing to consider in this process. They will want to see commitment on your part to to the whole or greater portion of the short amount. These things are negotiated that is why an attorney is so important you need a gladiator on your side. Attorney.

Foreclosure may be the worst, however you are taking proactive and focused efforts to make the situation as appealing to the lenders of record as possible. The second may not be willing to take the haircut, but you need to find out what the parameters are in this case as soon as possible so open the dialog now.

[Out O' Money]

Whoa! I rock-bottomed the price with my realtor Friday afternoon. She showed the property this weekend and she thinks I might be getting an offer today/tomorrow. Oh, how I hope.....

But then the sense of dread - now I have to actually deal with the bank! And coax them into accepting a short sale. Last week, I contacted SunTrust and am awaiting the Loss Mitigation paperwork they are sending me. I'm planning to reiterate that request tomorrow, if I actually get an offer that I can live with.

At what point should I contact a lawyer? Now? After the bank agrees to talk about the short sale? Once I have an offer I want to pursue but before I contact the bank about it?

And f the buyer has a VA loan, does that immediately discount a short sale?

I have a feeling the questions are going to start pouring in!!

Type of loan from the buyer/borrower perspective is not of material concern...just that they do have one.

Does you agent have experience in Short Sale, often a good agent can make all the difference in this area?

If the agent is not experienced....then as soon as contract is tendered and all parties to the transaction have agreed.....Attorney Time.....

Even with an experienced agent you may want to retain the attorney regardless as you want the agreement to the short sale to stand. Again at the time you have a firm binding sales contract, that would be my advice to retain the attorney.

[Out O' Money]

It's been awhile since I've written - I've been trying to short sale my property in FL. But no luck - not a single offer and I lowered the price to the point I was giving it away! No takers.....so now I need to deal with the bank.

Facts:
I do not live at the property. I live and work in another state.
I have missed the last 2 payments on my mortgage with SunTrust.
I used a first and a second mortgage to buy the home - both loans are with SunTrust.
I cannot afford to make two housing payments - otherwise, I would not be late on my FL property.

So, I need to start the foreclosure conversation with the bank. Is there anything specific I should say during this first conversation? Is there anything I should NOT say? Should I do all of this communication in writing rather than on the phone?

I am so nervous about this first conversation - I feel like I'm going to get sick. I've never had to deal with anything like this before.

Thanks.......

Hi.....this is very hard I know, you need to pick up the phone to Sun Trust and find the highest person in the food chain on the Loss Mit side of the world there and let them know that you just can't do it anymore. That you have tried and tried to sell, almost give it away....you know better than I do how hard it has been and see if they will not consider with a proper package and all of that jazz a Deed in Lieu, not a good thing about the same on the Credit as a Foreclosure, but it spares all of the rigamaroll on the foreclosure side.

You could retain an attorney and should to make sure that you are protected in this matter....but for the time being, try to find that high up person to relay the ugly facts of life to.

Then after they have their say, retain an attorney as I do believe that they will probably not do a Deed in Lieu and you will need financial protection and assistance in this situation.

Please keep us posted and stay strong..this is not your fault....we in the industry did it to you all, I am so sorry. Just had that conversation with a colleague of old today, this AM. We are all so sorry that you are all left with the legacy of the Greed that the masters and Boyz of Wall Street propagated.

[Out O' Money]

Poppy,
Thank you for the advice. I will do my best to get that DIL, understanding that it is a very long shot.

And thanks for the apology. But I think we all did it together. Now we have to wait and see what comes out of all this.

I'll stay in touch - thank you for the support!

I am so sorry, but there is life after all of this, I know that personally, there are some things in life that just "ARE" and their ain't nothin' you can do about some of them "ARE'S".....

Please keep us posted and use this as a place to vent and let us know how you are doing.

[Out O' Money]

Update:
So I spoke to the bank. I couldn't get past the first level in Loss Mitigation and she didn't seem to be having a very good day. (Although I do not envy her - that's got to be one of the most depressing jobs ever.)

I told her my situation and she gave me her advice. I should try to sell the property. ---are you kidding me? I went through the detail of my story again, that I had it for sale, dropped the price, then dropped it again to attempt a short sale but I still got no offers.

She told me that I needed to complete the financial summary (a one-page form that they sent to me) and include a copy of my listing agreement. I asked her if including a copy of my listing agreement would put the foreclosure proceedings on hold. "Oh no! Foreclosure activity will continue no matter what." So then I asked if submitting the documentation would stop the phone calls. "No. We will continue to call you." So, if I don't want to save the property and I cannot sell it, what does submitting the financial information get me??

I then told her that I didn't want to keep the property. Is there any way that we could speed up the foreclosure process - within the confines of Florida law? "No."

The bottom line from the bank: sell the property. No other assistance or relief (even just from the phone calls) was offered.

I'm not really surprised but I guess I'm wondering if I should be.....

The minute that you get a Sales Contract that is bonified they will stop the foreclosure process if it is an acceptable offer. This is a common practice that they will go down the road to foreclosure but when that acceptable sales contract comes then they will postpone the event.

So drop the price and get a CMA on the property...have a Realtor do a viable CMA to reflect the actual value of the property and then let the thing sell for the reasonable short amount that you can get for it.....