Homestead, Florida, Real Estate Short Sale Lawyers
You are struggling financially and you know that you will not be able to keep your home. Yet, you are worried about the effects that a foreclosure will have on you. Turn to the short sale lawyers at Miami Foreclosure Defense Law Office to discuss the options you have for disposing of your home outside of the foreclosure process.
One of your options is a short sale. During a short sale, the bank allows you to sell your home at an agreed-upon price that is less than the amount you owe on the mortgage. Our Florida short sale attorneys understand the short sale process and we understand the real estate market. We formerly represented some of the area’s leading lenders and now use this knowledge to help homeowners avoid foreclosure.
Let us stand up for your rights during short sale negotiations with your lender and help you move toward a fresh start.
Problems With Short Sales: Deficiency Judgments
While a short sale may be a better option than foreclosure, there are some drawbacks. Of course, the main drawback is that, like in foreclosure, you will lose your home. However, there is another problem that you must consider before deciding to pursue a short sale; in many instances, banks reserve the right to pursue the difference between the sale contract price and the amount that you owed on the mortgage. This is commonly known as a “deficiency,” or “deficiency judgment” and often happens when a home is “underwater” at the time of the short sale.
A deficiency judgment means that you may stay in debt even after you lose your home. Don’t assume that, just because the bank approved the short sale, they won’t pursue you for the difference after the deal is done. Instead, talk to us and learn about your options for relief.
Contact Our Short Sale Lawyers in Miami
No matter what barriers you face, our law firm can help you through them. For a free consultation with a lawyer familiar with all of the options available to you — foreclosure, deed in lieu of foreclosure, short sale, loan modification or even a mortgage fraud investigation. — contact Miami Foreclosure Defense Law Office today.
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