Short Sales
A short sale is a method of stopping a foreclosure where property has declined in value and the property owner owes more than what the property is worth. Foreclosure is the forced sale of a property by a financial institution. In a short sale, the financial institution (the lender) agrees to accept the current fair market value of the property as a payoff for the mortgage loan, even though it does not cover the value of the mortgage note. If successfully carried out, this option means that the lender will accept less than what is owed on the property and the difference, the deficiency, is written off as a loss. The negotiations to reach this point can be complex and it is best to have an experienced Broward County lawyer assist you with this process.
Benefits of a short sale
- A short sale can enable you to stop a foreclosure on your property
- A short sale may prevent the lender from suing you for money that you owe beyond the value of your property, but there is no guarantee unless the lender states in writing that he will not pursue a deficiency judgment
- A foreclosure will not appear on your credit report if you enter into a voluntary agreement with your lender for a short sale (this may help you qualify for a loan on a new property)
- You will have peace of mind and ample time to vacate your property without the fear of being evicted because you will know exactly when your property will be sold.
Other ways to avoid foreclosure:
- Forbearance
- Reinstatement
- Repayment plan
- Loan modification
- Deed-in-lieu
There are a variety of options available to you in the event you receive a notice from your lender threatening to foreclose. It is always best to consult a Broward County lawyer to review each option with you and help you decide which is best for your specific situation.
Do you need an experienced short sale attorney?
If you are currently in foreclosure or pre-foreclosure and believe that a short sale negotiation or any other option is right for you then you should consult with an experienced foreclosure attorney as soon as possible. A qualified Broward County lawyer can explain the options that are available to you to protect your family and your credit history.