Facing foreclosure? There’s a better path forward.
A short sale can help you avoid foreclosure, limit the damage to your credit and move on with dignity. Keith Gordon’s short sale team handles the lender for you, and in a typical short sale the lender pays the commission and closing costs.
Or call 813-922-5663 to talk it through. Every conversation is confidential.
Who a short sale can help
Job loss or lower income
Payments that worked before don’t work now.
Medical expenses
Bills that pile up even with insurance.
Divorce or separation
One income can’t carry the mortgage alone.
Owing more than it’s worth
The home is “underwater” and selling won’t cover the loan.
How it works
- AssessWe review your situation, your home’s value and your loans to see whether you qualify.
- PriceWe set a price built to meet lender standards and get approved.
- MarketYour home is listed and shown to qualified buyers.
- NegotiateWe handle every lender call, package submission and hardship approval, including second liens.
- CloseThe lender accepts the sale proceeds and releases the lien, ideally with a written deficiency waiver.
Short sale
- Generally less damage to your credit
- Often able to buy again sooner
- Deficiency waiver negotiated with the lender
- No public foreclosure judgment
- You keep control of the sale
Foreclosure
- Severe credit damage
- A longer wait before buying again
- The lender may pursue the remaining balance
- A public court record
- The lender controls the outcome
What our team does for you
- Experience through hard markets. Fully experienced through the 2007–2012 market correction, with more than a decade navigating complex liens, title issues and lender requirements.
- Direct lender negotiation. We handle all bank communications, package submissions and hardship approvals, so time doesn’t slip away.
- Pricing built for lender approval. Valuations engineered to meet lender standards and manage lender risk.
- $0 homeowner cost. In a typical short sale, the commission and standard seller closing costs are paid by the lender from the sale proceeds.
- Break-even first, when it fits. Often the smartest first move is to list at break-even. If no offers come, a short sale is the next step, if you’re comfortable with the risks.
- Relocation assistance. Guidance on qualifying for government or lender-sponsored cash-for-keys incentives.
Short sale questions
What is a short sale?
A short sale is when your mortgage lender agrees to accept less than the full amount you owe so you can sell the home and avoid foreclosure. The lender has to approve the sale price and terms before it can close.
Will I still owe money after a short sale?
Often not, but it depends on your lender. We work to negotiate a deficiency waiver, which means the lender agrees not to pursue the remaining balance. In Florida a lender can seek a deficiency unless it waives it, so make sure the waiver is in the lender’s written approval, and have an attorney review it.
Is it really free? Who pays the commission?
In a typical short sale, the lender pays the real estate commission and the standard seller closing costs out of the sale proceeds, as part of its approval. You don’t pay us out of pocket. Occasionally a lender asks the seller to contribute something to approve the sale; if that happens, we tell you before you agree to anything.
How long does a short sale take?
Usually three to six months, depending on the lender, the number of liens and how quickly paperwork moves. Direct, steady communication with the lender keeps the file from stalling.
How will a short sale affect my credit?
A short sale affects your credit, but it is generally less damaging than a foreclosure, and many people can qualify for a mortgage again sooner. The exact impact depends on your credit history and lender reporting.
Do I have to be behind on payments to qualify?
Not always. Many lenders look for a financial hardship such as job loss, reduced income, medical bills, divorce or relocation. Some will consider a short sale when hardship is coming, not just when payments are already missed.
What if I have a second mortgage or a HELOC?
Every lienholder has to agree, which adds steps but rarely makes a short sale impossible. We negotiate with each lienholder, including unusual ones. We once tracked a lienholder to Venezuela to clear a paid-off “ghost” mortgage.
Will I owe taxes on the forgiven debt?
Possibly. Forgiven mortgage debt can count as taxable income unless an exclusion applies. Talk with a tax professional before you sign the lender’s approval.
Should I try a regular sale first?
Often, yes. If the home might sell for about what you owe, listing at break-even first can avoid a short sale entirely. If no offers come, moving to a short sale is the next step, if you’re comfortable with the risks.
I already have a foreclosure date. Is it too late?
Not necessarily. Lenders can postpone a sale date while they review a short sale, but timing is tight. Call us right away.
Can I get help with moving costs?
Sometimes. Some lenders and government programs offer relocation assistance, often called cash for keys. We check your eligibility and include it in the negotiation.
Talk to someone today
The sooner you call, the more options you have.
Lender approval, deficiency waivers, timelines and relocation assistance vary by lender and situation, and no outcome is guaranteed. TruPropIO is a real estate brokerage, not a law firm or tax advisor; consult an attorney and a tax professional about your situation. Review the listing agreement and other disclosures before you sign.