Short Sale Attorney in Miami
Are You Afraid of Foreclosure? Get Legal Assistance Today!
Your home may be
at risk of foreclosure if you are finding it difficult to afford your mortgage payments. There
are many things you can do to avoid foreclosure and the consequences it
can have on your financial life, which may take years to repair. Short
sales represent one such way that borrowers can proactively address their
financial affairs before they get too out of hand.
Short sales involve the sale of your home for a value less than that of
your mortgage. Because of this, you’ll need your lender to agree
to a short sale before you can initiate one. At Wesoloski Carlson, P.A.,
we can provide the assistance you require to engage with your lender in
a short sale negotiation. We have nearly 20 years of experience helping
clients avoid foreclosure, and our short sale attorney in Miami may be
able to help you find a solution as well.
For more information about us and our services, reach out to us for a free
initial consultation. Call Wesoloski Carlson, P.A. today at
(800) 449-4850 or complete our
online contact form.
How Does a Short Sale Work?
A short sale is a lender-approved
sale of real estate for a value less than that of the mortgage used to purchase the property.
In other words, short sales allow borrowers to satisfy their mortgage
debt for less than its full value. For this reason, you must get a short
sale approved by your lender before you can proceed. Your lender may be
agreeable to a short sale proposition if it believes that foreclosure
or other collection actions would recover less value than a short sale.
Homeowners may be able to convince lenders that a short sale is the best
- Demonstrating that they do not have the income or assets to afford the
mortgage any longer
- Confirming that the market value of their home has dipped so low that a
sale wouldn’t recover the current balance on the mortgage
- Providing the lender with a signed contract demonstrating that the property
has an interested buyer
It might seem a little odd that the bank would be willing to take a hit
of tens or even hundreds of thousands of dollars, but bear in mind that
your just one of your lender’s many borrowers. While the bank would
prefer recovering the full value of your mortgage with interest, banks
do business knowing some borrowers will inevitably default on their loans.