FL S1228

Creates the "Short Sale Debt Relief Act" defining short sales, deficiencies, and eligible real property (first homes, second homes, or single-family rental properties in Florida with mortgage debt exceeding 20 percent of fair market value)

Eliminates deficiency debt owed to lienholders for bona fide short sales of eligible property if an offer is received within 3 years of July 1, 2013, and closing occurs within 60 days thereafter

Requires lienholders to approve short sales and execute necessary closing documents within 45 days when a debtor procures a buyer offering fair market value in writing

Allocates short sale proceeds with 90 percent to the first lienholder and 10 percent combined to second and subsequent lienholders, distributed proportionally by debt amount

Allows debtors to sue lienholders for actual damages, costs, lien elimination, and attorney fees for violations of the act