Short selling is often a good solution for a home buyer who has purchased a home that is now worth far less than the original purchase price. In such cases, a "short sale" could be a good option to resolving the situation and avoiding foreclosure.
Our legal team can assist clients with determining how a short sale could be worked out and the helping them through the process. If you have purchased a home and it is now worth far less than the original buying price, it is crucial that you contact us to discuss your various options. A mortgage modification can also be possible, depending upon your situation.
Many homes in Florida have lost much of their value, and our state has the biggest decrease in real estate values in the country. If you are facing foreclosure and feel that you may lose your home, short sales may be a legitimate and promising option for you and your family.
In countless cases, homeowners in Orlando owe more on their mortgage than what the current value of the property, and have had their mortgage payments increase to an unreasonable level. An attorney may be able to negotiate with the lender on the balance of the loan. Speak with an Orlando debt relief lawyer from our firm if you are interested in finding out more.
A short sale may enable you to avoid losing your home and maintain a good credit rating. If you and your family have fallen on hard times and don't know where to turn, a short sale may be the answer. Lenders will usually accept less than the amount owed because they believe they can expedite selling the house. Foreclosure is costly and most lenders do not want to incur the legal fees associated with it. A worst case scenario for the borrower is losing their home and then being pursued for the additional amount of money not recovered in the sales.
Debtors executing short sales without legal representation risk being put in a worse situation with their debt through "deficiencies." This is worse than if you had never done a short sale at all. Be cautious when entering into a short sales transaction, it is not recommended without the aid of an attorney. A lawyer can assist you in avoiding large tax liabilities.
If you are interested in finding out if a short sale is right for you, contact an Orlando short sales attorney at our firm today.