Clermont Short Sale Attorney

If you’ve taken out a large mortgage, or refinanced to cover remodeling and other expenses, you may find yourself unable to keep up with your mortgage payment especially after a layoff, divorce or illness. More and more people are finding the need to sell their homes for less than they owe on the mortgages. This is known as a short sale. Our Short Sale Attorney specializes in this area and if you call 855-LAW-2020 you can schedule a free consultation* today.

Selling short is definitely better than a foreclosure, which stays on your credit record for ten years. But it’s best to try to work things out with your lender before going through the embarrassing and laborious process of selling your home on a short sale.

A short sale is where the sale proceeds fall short of the balance owed on the property loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to this process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and a poor credit report outcome for the borrowers. This agreement however does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as a deficiency. Short sales are becoming more prominent as the economic situation declines. Please contact our Orlando Short Sale Attorney to discuss your options at 855-LAW-2020.

Orlando Short Sale Attorney

Short sales are different from foreclosures in that a foreclosure is forced by a lender, whereas both lender and borrower consent to the sale. However, this consent may change at any time, and negotiations may be ongoing between the lender and borrower even while the house is on the market. The borrower may decide to remain and refinance their home, or become obstinate and force a foreclosure. The bank may renege as well if they decide to stick with the current borrower, or if they disapprove of the sale price. Any short sale contract includes a contingency where the bank must approve the sale. That is why you need the counsel of a Short Sale Attorney to guide you so errors are not made causing you financial harm.

Depending on your situation, these options can either keep you in your home, or allow you to move on in a way that is most financially beneficial to you. Our experienced Attorneys at Boyette, Cummins & Nailos, PLLC, will sit down with you and discuss all your options. You can receive a free initial consultation.