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If you are in arrears or in default of your mortgage, you may be a good candidate for a short sale. A short sale is a transaction in which your lender agrees to forgive a portion of your debt in exchange for your selling of the property. The benefit to the lender is it will get a significant portion of the investment back without the expense of foreclosure.
This is a highly technical area of practice. There are many myths regarding short sales, which has perhaps caused it to be an underutilized means of resolving the problems of a distressed homeowner. Perhaps another reason for homeowners taking this lesser used approach is the fact that the result, no matter what, will be a requirement of moving out of the house. Despite the several significant advantages to short sale over foreclosure, many homeowners have a difficult time coming to terms with the fact they cannot afford the house. Loan modification may seem more appealing to this homeowner, but unfortunately, for many lenders will not modify a loan to a point at which the homeowner can afford the payment.
We take an active approach to short sale negotiation with an aim at producing timely results. Traditionally, the job of negotiating a short sale approval with a lender or lenders has been the job of real estate agents. Some agents have developed an expertise and some have not. What is clear in today’s market is that short sale properties account for a significant portion of the residential real estate market. The result is the lenders’ negotiators are inundated with files.
A passive approach is simply not the most effective means of obtaining short sale approval. Accordingly, we do more than simply compile and submit your short sale application. We compile a case for approval and engage all interest holders in negotiation. We do it efficiently and effectively with the credibility of a law firm.
Interested in speaking with a Florida Real Estate Attorney about your distressed property? Schedule a FREE consultation by calling the office at (561)472-0919 or click on "Schedule a Free Consultation" button on the left side of the screen and complete a consultation request form.
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