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SHORT SALE
PRIVACY NOTICE
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Main Office: 2364 Boy Scout Road, Suite 200 Clearwater, FL 33763
Copyright © 2011 The Lit Law Group, P.A.. All Rights Reserved.
Copyright © 2011 The Lit Law Group, P.A.. All Rights Reserved.
A short sale is an excellent way to avoid foreclosure and can offer time and protection, as long as it is done properly by a qualified attorney. Lenders would rather perform a short sale than a foreclosure because they not only lose less money with a short sale, they do not have to go through the foreclosure process. Many people find themselves falling into default, or are already in default, and don't realize that there are options available before the bank takes the house away.
A Short Sale or Short Pay is when the lender agrees to accept a sales price of fair market value for your property despite the loan or loans totaling more than what the property is worth.
Why would a Borrower want to do a Short Sale?
Short Sales are a benefit to consumers because they stop mortgage foreclosure and prevent the lender from suing for deficiency. Deficiency is the difference between what the lender would have received under the contract and what the property finally sells for. This shortfall can often be more than $100,000.
By entering into a voluntary agreement with the lender, you ultimately stop foreclosure and your credit report does not merit a FORECLOSURE entry. This puts you in a much better position to qualify to buy another property in the future.
Through our negotiation process, the lender agrees to forego suing you for any monies which they write off associated with the Short Sale transaction.
A Short Sale transaction also provides peace of mind and predictability because you know exactly when the sale will close, and thus when you will need to vacate the property. There's no risk that sheriff's deputies will come to your door one morning to evict you.
Why Should I hire a Real Estate Attorney for a Short Sale?
Negotiating a Short Sale is a difficult process, generally because the lender will require certain documents and information, but too much information or documents in the wrong format can completely destroy a transaction. Additionally, the lender will ask for financial information about the borrower. The borrower must now convince the bank that he/she is insolvent and simply can not make the payment going forward. Think of it as a backwards loan application. It is important to give the lender precisely what they want at this stage without lying (often including bank statements and tax returns), but also paint a grim picture of the borrowers financial circumstances
Contact our office for a free no-obligation consultation.
A Short Sale or Short Pay is when the lender agrees to accept a sales price of fair market value for your property despite the loan or loans totaling more than what the property is worth.
Why would a Borrower want to do a Short Sale?
Short Sales are a benefit to consumers because they stop mortgage foreclosure and prevent the lender from suing for deficiency. Deficiency is the difference between what the lender would have received under the contract and what the property finally sells for. This shortfall can often be more than $100,000.
By entering into a voluntary agreement with the lender, you ultimately stop foreclosure and your credit report does not merit a FORECLOSURE entry. This puts you in a much better position to qualify to buy another property in the future.
Through our negotiation process, the lender agrees to forego suing you for any monies which they write off associated with the Short Sale transaction.
A Short Sale transaction also provides peace of mind and predictability because you know exactly when the sale will close, and thus when you will need to vacate the property. There's no risk that sheriff's deputies will come to your door one morning to evict you.
Why Should I hire a Real Estate Attorney for a Short Sale?
Negotiating a Short Sale is a difficult process, generally because the lender will require certain documents and information, but too much information or documents in the wrong format can completely destroy a transaction. Additionally, the lender will ask for financial information about the borrower. The borrower must now convince the bank that he/she is insolvent and simply can not make the payment going forward. Think of it as a backwards loan application. It is important to give the lender precisely what they want at this stage without lying (often including bank statements and tax returns), but also paint a grim picture of the borrowers financial circumstances
Contact our office for a free no-obligation consultation.
