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A short sale is an arrangement between a mortgage borrower and the lender to sell a property for less than the outstanding mortgage to satisfy that debt. If you think that banks make this option available out of kindness, you are unfortunately mistaken.
Foreclosure can be a very expensive legal battle for banks when they want to retrieve a real estate asset from a distressed borrower. So, in rare circumstances, they may allow a short sale to occur if it’s in their best interests to do so.
That said, the law office of Brian Kowal, P.A. is ready to work with you and your lender whether you’re looking to prevent foreclosure with a short sale or buying a property from such a homeowner. Our Boynton Beach short sale attorneys will negotiate with the bank for you to work out a strategy that can assist you in reaching the best possible outcome of your circumstances. For distressed homeowners, that may mean protecting your credit, assets, and lifestyle to which you’ve grown accustomed.
Is a Short Sale Your Best Option?
There are times when financial hardship such as divorce, loss of employment, death of a loved one, or suddenly reduced income means you won’t be able to afford your mortgage payments. This is an incredibly challenging realization to come to, but the sooner you can be honest with yourself about your current financial situation and act, the sooner your financial and legal situation can be resolved.
When you have defaulted on more than one mortgage payment, your lender may start to threaten foreclosure. It is at this time that you need to consult with a Boynton Beach real estate attorney about your legal options and how you can reach the best possible outcome for your situation.
While short sales are relatively rare, they’re not as uncommon as many might think. At Brian Kowal Law, we will work with you to relieve you of your debt obligations through a short sale agreed to by your lender. If it turns out that this isn’t the best option for you to clear your outstanding mortgage, we can help you in other ways, such as with a deed in lieu of foreclosure, forbearance agreement, or refinancing.
Not all is lost if you lose your home or property, and a short sale can help you land in a good position to rebuild your financial life with greater security. For each step along this process, we will be there for you.