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Short Sale Lawyer
If you are unable to continue making mortgage payments, or you have already fallen behind, it would be wise to discuss your options with a St. Petersburg debt relief attorney at Boss Law. Mortgage debts are financial and legal issues, which is why you should hire a reliable lawyer who has experience in both areas.
At Boss Law, we have the knowledge and resources necessary to fight for your financial stability. We have been helping homeowners throughout Florida for more than a decade, working with lenders and negotiating favorable settlements on their behalf. If you’re facing insurmountable mortgage debt, we want to help you, too.
Why Some Lenders Prefer Short Sales
If you have fallen behind on your mortgage, you may be wondering what options you have left. When you contact a debt relief lawyer at Boss Law, we can help you determine if a short sale is right for you. A short sale, also known as a pre-foreclosure sale, would allow your lender to recover a substantial portion of the money that you currently owe, while also excusing you from contractual obligations.
Foreclosures can be lengthy and expensive, which is why many lenders are willing to accept a short sale offer. Although they may not be able to recover the full amount that you owe, short sales typically cost 15 to 20 % less than foreclosures. Recent reports also show that the average foreclosure in Florida takes three years to complete. For this reason, your lender may even prefer a short sale.
Navigating the Short Sale Process in Florida
Whether you are unable to make mortgage payments or you owe more than your home is worth, our debt relief attorneys at Boss Law are here to help. The sooner you act, the more options you will have, which is why you should contact a lawyer as soon as you stop making payments. We can appraise your property, gather evidence to support your case, submit a proposal, and negotiate the sale.
Working with a lawyer is critical. Not only will it help you resolve your case quicker and more effectively, but it can help to protect your rights throughout the process. We can take precautions, shield you from deficiency judgments that may lead to additional debts, and secure notices to prove that the loan was satisfied by the short sale. This is critical to protecting your future- and we’re here to provide you with help through each step of the process.
Understanding the Dos & Don’ts of Short Sales
To ensure a smooth short sale process, it is important to take a few things into consideration. First, remember that there are various closing costs—including attorney’s fees, property taxes, and notary fees. If you choose to forego a real estate agent, that’s one less cost you have to worry about. You should also know that a short sale may come with tax implications, which is why you should hire a lawyer.
How to Get a Short Sale Approved
Unfortunately, getting a short sale approved isn’t always easy. Every lender is different, each with different criteria in place to determine eligibility. In some cases, a lender may out-right refuse unless you are in default. Typically, most lenders will want you to prove that, a) you are facing financial hardship, b) your home is worth less than you owe, and c) you have found a buyer for the property. Boss Law is experienced in negotiating with lenders, so don’t wait to find out how we can help with your Florida short sale.