Your home is underwater. You owe more on the mortgage than the property is worth. Maybe hundreds of thousands of dollars more. You cannot afford the mortgage payments, the homeowners’ association dues, the property taxes, and the upkeep. Why not let the Bank take the property? Why shouldn’t you just mail the keys back to the Bank and let the Bank sort it out? With thousands of mortgage foreclosure lawsuit being filed each month in Florida, it appears that not just a few homeowners and investors are choosing to ignore the problem and head for the hills. ...more

Paragraph 1 of the FAR Short Sale Addendum does not clearly allow the Seller to reject an approval from the lender, if the Seller is uncomfortable or otherwise does not agree to the terms of any such lender approval, such as the treatment of the deficiency and/or the requirement to execute unsecured obligations. The Seller should have some basic right to review and approve the terms of the lender approval (unrelated to price), which terms can sometimes vary significantly and materially. If you represent a Buyer: Paragraph 3 of the FAR Short Sale Addendum gives the parties the option to ...more