The Short Sale Process in Florida

St. Petersburg Short Sale Lawyer

A short sale is a property sale where the proceeds from the sale go directly to the creditor to pay the balance of the loan. If you are considering short sale as an alternative to foreclosure, it is highly recommended that you have a Florida bankruptcy lawyer from our team helping you through the process. We can ensure that all the legal requirements are taken care of as well as fight to guarantee that your rights are protected. If you are not able to keep up with mortgage payments and are becoming overwhelmed by mounting debt, you should begin to take steps towards a short sale. First, contact a real estate agent in order to determine what the current market value of your property is. Second, determine how much you will have to spend in order to bring the property up to selling standard as well as how much it will cost for a real estate broker.

After you have a rough estimate of how much you will gain by selling the property, the next step is to calculate how much you owe on the home. The difference between how much you owe and how much you will make from the sale will be a negative number, thus resulting in a short sale. The fifth step will be to contact your lender and inform them regarding the details or your situation. Most lending agencies will have a specific person to help with these matters, so make sure you are speaking with the right person who has the authority to help you. While talking with your lender, ask them about what the specific procedures are for a short sale. Each company is different and some will forgive the negative amount owed after the sale. Once these details have been sorted out, the final step is to sell the property.

Do you need a St. Petersburg bankruptcy lawyer?

As there are several steps regarding the successful completion of a short sale, it is in your best interests to have a qualified professional on your side with experience in this area of law. Since 1972, LeavenLaw has been helping families and individuals from throughout Florida. We understand that people who have worked hard their entire lives may suddenly find themselves overcome by debt. It is our goal to provide you with answers and the information you need to make the best decision for you. Even if your situation appears of be hopeless, contacting a member of our legal team may be the first step on the road to financial freedom.

Contact a St. Petersburg bankruptcy lawyer from our legal team to learn more about how we could help you. Call today for a free consultation.