Table of Contents
Table of Contents
What Is A Short Sale?
Short sale makes a perfect alternative to the costly and time-consuming foreclosure process
This when the Lender accepts less than what is owed on the mortgage as a “short payoff.”
In the past couple of years, with the decline of real estate property values, more and more property owners find themselves owing, in the mortgage, more than what their properties are currently worth. In Southern Florida, many homeowners cannot pay their mortgage or are being forced to relocate due to different circumstances such as work, causing foreclosures to skyrocket. For this reason, “Fort Lauderdale short sale attorneys near me” are in high demand as people want to negotiate their way past a foreclosure to safeguard their credit reputation.
For many reasons, “short sales” have been gaining popularity with lenders and consumers as an alternative to the costly and time-consuming foreclosure process.
Why Would A Property Owner Choose A Short Sale?
Many of our clients go for a short sale as a final loss mitigation decision, once they have exhausted all possible options to keep the title to their property. The major reason to attempt a short sale is to avoid the damaging effects that foreclosure has on the homeowner’s credit.
In Florida, the lender has the right to sue the property owner for the deficiency balance, which in most cases, forces the property owner into bankruptcy.
A homeowner who chooses to make a short sale, as opposed to allowing their home to be sold at the foreclosure sale, is typically helping the lender recover as much of the lender’s money as possible by selling the property for current market value. At Brian Kowal Law, our Fort Lauderdale real estate lawyers will negotiate for a “deficiency waiver” so that the lender will forgive the remaining debt.
A Short Sale Benefits Everyone Involved
- Property owner: Allows you to evade foreclosure and ultimately save your credit score.
- Buyer: Can buy a desired home at a very competitive price.
- Lender: Most lenders and banks prefer to have the money from a short sale then deal with the expenses and hassles of a foreclosure.
Lender Approval For Short Sale
We’re waiting to help you get a short sale approved
There are no universal set of rules or regulations determining whether you are eligible for a short sale deal or whether your lender will approve a short sale. Each lender is different in that they have their own criteria that a property owner must meet.
Qualifications For A Short Sale
If you answer yes to any of the following sets of questions, then you may be able to qualify for a short sale on your home.
- Are you behind on your regular mortgage payments, in default, or has a foreclosure case been filed against you?
- Have you recently or are currently experiencing financial hardship? Divorce, relocation, loss of a job, increased expenses, etc. are all considered financial hardships.
- Do you owe more on your home mortgage than it is worth at market value?
- Are you currently in an adjustable mortgage that has increased so much that it takes up most of your monthly income?
Fort Lauderdale Short sale lawyers for buyer and seller at the law office of Brian Kowal, P.A. assists clients throughout the entire process of negotiating short sales. We compile a complete short sale package where we collect and evaluate information about your house, financial information, and information needed for the sale itself, including short sale contracts, disclosures, and addendums.