Pros and Cons of Short Sales
Florida Short Sale Lawyer
Are you trying to decide whether a short sale is right for you and your family? A
Florida lawyer from our team at LeavenLaw could provide you with answers, information, and legal representation if you need help in deciding what the best path is for you. A short sale involves selling a home or property and then giving the proceeds to the lender. Even though the amount the home is sold for is less than what is owed on the home, the lender may forgive this deficiency and the debtors have the ability to start with a clean slate. Before you decide, it is important that you are aware of the advantages and disadvantages of this process.
First of all, there are advantages to everyone involved in the short sale process. Lenders risk never getting any money back when a debtor is unable to keep up with payments. Instead of taking the risk of losing everything, settling for a lower amount may actually be a benefit. If the lender is a bank, the process of foreclosing on the property is far more complicated and costly than a short sale. In a foreclosure situation, they will have to be responsible for the home and for its maintenance. If they are unable to sell the home, it can fall into disrepair and they will not receive the money they need. It is also advantageous to the debtor. Instead of going through the traumatic experience of being forced out of your home, you are able to sell your home on your own and willingly give the proceeds over in payment of your debt.
When thinking about short sale, you will not have an accurate picture unless you also understand the potential cons that could be involved. First, as a short sale involves selling the property at less than what it actually owed on the home, some lenders do not forgive the remaining debts. In order to avoid this from happening, talk to your lender beforehand to see what their policy is on loan deficiency. A short sale may also affect your credit score, although perhaps not as drastically as a foreclosure. Another disadvantage is that not everyone qualifies for a short sale.
Do you need a Florida short sale attorney?
To find out exactly where you stand, talk to a member of our legal team. We could examine your case in order to find out exactly where you stand. Even if you do not qualify for short sale, you may qualify for another form of debt relief. You do not have to live in constant fear of losing your home or live with the burden of debt on your shoulders.
Contact a Florida short sale lawyer today to learn more about how we could help you.