American College of Attorneys Best of the Bar Award
10.0 Avvo Superb Lawyer Rating
Top 100 Trial Lawyers Award
Orlando Top Lawyers 2012 - 2024
Best Lawyers in America Award
Super Lawyers 2024 Award
Florida Legal Elite Award
Best Lawyers 2024 Award
Orlando Sentinel Best Bets Lawyer Award

My House is in Foreclosure & Listed for Short Sale, but the Offer is Less Than I Owe

Video Script Below

My house is in foreclosure. I’ve listed it for short sale but the offer I’ve got is for less than I owe. I’m Steve Kramer. I’m a Florida foreclosure attorney and the question is, “What do you do in a situation where you’re doing a short sale and you’ve got an offer and you’re ready to go ahead and maybe accept that offer and close on the deal?” Well the question is when you sell a short sale – when you sell a property at short sale – you’re selling it for less than you owe. And the key thing here is you don’t want to wind up owing money to the bank, so you’ve got to make sure that the bank releases you from a deficiency. And if the bank doesn’t release you from deficiency in a short sale, you shouldn’t do it. That property you’ve got is your leverage. That property may be worth $100, $200, $300,000 dollars – whatever it’s worth. And it may not be as much as you owe but it’s still got value and that’s leverage. That’s a negotiating tool. And if you give that to the bank, you’ve just lost your ability to negotiate. So you want to make sure that you work out your deal while you still got the leverage, you’ve got to do that. Now the other thing you want to look out for here is tax liablity. It’s going to be very important to meet with a CPA and your attorney to talk about the possible tax ramifications if you do the short sale. Because what the bank can do is they can issue you a 1099c for cancellation of debt or debt forgiveness, right? Because essentially they might be wiping away $60 or $80,000 dollars of a debt and you can get a 1099 for that $60 or $80,000 dollars and have to pay tax on it. So you definitely are going to want to sit down with your CPA and make sure that you plan for this. This is something that peope don’t think about and a lot of attorneys don’t bring up but you’ve got to have a CPA involved in the process becuase you don’t want to be on the hook for money that you hadn’t considered. It’s definitely got to be a factor. And you can negotiate with the bank on these issues, right? I mean maybe this is a legtimately disputed debt. And if it’s a legimately disputed debt then it’s not bank forgiveness. So this is something that you have to talk about. So if you want to talk about short sales, I’m glad to do that. I’m telling you this because I’ve dealt with many, many short sales and I’ve seen them come back. I’ve seen litigation over short sales. I’ve seen the bank come after people who tried to do a short sale, who finished a short sale but the bank didn’t release them from deficiency. I’ve seen it happen. I’ve seen how it goes bad and I can help you make sure that it doesn’t go bad. I can make sure that it’s done right. So pick up the phone, give me a call. I’m Steve Kramer, thanks for watching.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).

Free Case Review

All free case evaluations are reviewed by our legal team. For immediate assistance, please call us at 407-834-4847.

quick Links


Make Your Best Decision Today


Schedule your case review so we can help you.



During your consultation we’ll review your options and see if we’re a right fit for you.



If we take on your case, you’ll be represented by the best.

Get Your Free Case Evaluation Today

The Orlando divorce lawyers at TK Law are deeply committed to the individuals and families they serve. We are here to help you resolve each legal concern so you can regain control and move forward with your life. You will also have a steadfast, accomplished advocate in your corner to fight for what matters most if a dispute goes to trial.

We know how overwhelming conflict can be and how painful it is to see a marriage end. We will guide you through this difficult process before, during and after your divorce.

Contact our offices today to schedule a confidential consultation with one or our family law attorneys, or call us at 855-572-6376.



Our best awards are
client victories

Roy P.
Mar. 2024
Read More
Gastell and Kayla were awesome! They helped me make it through a very challenging time in my life with kindness and compassion. They were always available to answer my questions and kept me up to date. Their counsel was extremely helpful in aiding a resolution that I am very satisfied with.
Carmen D.
Mar. 2024
Read More
I give this law firm a 5 star. Ray and Janelise helped us with our probate issue and made the process a lot easier for us to finalized all of it. We're very thankful to this law office and recommend them for any legal issues.Thank you Janelisse and Ray and the entire office .
Alysia T.
Jan. 2024
Read More
I am thankful to Janelise and Kayla at TK Law for a fantastic job. Kayla guided me through every step of my divorce process. She is patient, professional, and honest. I highly recommend them!
Chris O.
Dec. 2023
Read More
This was first experience hiring a law firm and I am very happy that I hired TK Law. My attorney Janelise and Paralegal Kayla were kind, knowledgeable and made the process easy. They were quick to respond when I needed revisions to my document and the final outcome was perfect. If I ever need legal help in the future, I will not hesitate to contact TK Law again.

*Top-rating from clients and award publications such as Orlando Weekly, US News & more.​


Schedule Your Case Evaluation

We offer payment plans, accept credit cards, are available for evening appointments and our main office is conveniently located right off of I-4, between 436 and 434. For immediate help call: 407-834-4847.


The information found here is for general information purposes only. Nothing on this site should be taken as legal advice for any situation or individual case. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.


Phone: 407-834-4847
999 Douglas Ave #3333, Altamonte Springs, FL 32714

Service Areas

Orange & Seminole County, Florida.