Fort Lauderdale Short Sale Lawyer
A short sale may be one way to get you out of trouble with your home if you are in financial trouble and unable to pay the mortgage. A short sale works by selling the property for less than you owe on the mortgage. The person who buys the property is a third party, and all proceeds will go directly to the lender. In many cases, the lender can choose to forgive the difference that you’re missing. If you think a short sale might be suitable for your situation, it’s crucial to speak with an experienced Fort Lauderdale short sale lawyer who can help.
Short Sales in Florida
The process for moving forward with a short sale in Florida typically starts with contacting a real estate agent to find out what your property’s current market value is. Next, you need to ascertain what money you need to get the property up to the standard to sell it, how much will a real estate broker cost, and what you will gain if you sell the property.
You also need to calculate how much you still owe on your home. Before a short sale starts, you need to speak with your lender and discuss your current situation and that you cannot pay the total amount of your mortgage. Once all the details are confirmed, then you can sell your property.
Most mortgage companies have a designated person you will need to speak with. You cannot proceed with a short sale unless you have authority from the right person. When you talk with your lender, be sure to ask what their specific procedures are for a short sale and whether they will forgive the negative amount you owe after the sale is complete.
You can avoid many of the problems associated with a short sale by contacting an experienced Fort Lauderdale short sale attorney who can help.
What Are the Benefits to a Short Sale?
There can be multiple advantages to proceeding with a short sale for all parties, including buyers, debtors, and creditors. Buyers get to purchase a home for a reasonable price while debtors can gain control over their own financial situation, giving themselves a clean slate. They may see a drop in their credit rating, but the trade-off is worth it in most cases.
When the creditor agrees to a short sale, they can receive back most of the money they are owed in a short amount of time. When homes end up in foreclosure, they often fall into disrepair as the lender would have to keep up maintenance while handling the sale. Through a short sale, they have less responsibility and get the funds much sooner.
Contact a Fort Lauderdale Short Sale Lawyer
If you are contemplating a short sale, you need to speak with an experienced Fort Lauderdale short sale lawyer first. At Edward J. Jennings, P.A., we have years of experience helping clients with all their Florida real estate needs. Let us review your situation and advise you on the best course of action. There may be alternatives to a short sale that can keep you in your home if you prefer. Contact our office today to schedule a consultation.