Information on Short Sales
Are you considering filing for short sale?
Families throughout the country are turning to debt relief in order to keep their homes and avoid filing for bankruptcy. Foreclosure is a traumatic experience for everyone involved and it can lead to a bad credit score as well. There are various alternatives available as a way to escape foreclosure, including
deed in lieu, and
stripping a second mortgage. However, a short sale is one of the options that is beneficial to everyone involved. It allows families to sell their home in their own timing and then give the proceedings to the lender. By definition, a short sale means that the amount owed on the home is more than its current market value. However, some creditors are willing to forgive this deficiency in order that they receive at least some of the money owed them.
There are numerous advantages to applying for a short sale for debtors, creditors, and buyers. First, it gives the debtor a chance to gain control over their financial situation and start again with a clean slate. Although it may make their credit rating drop, this drop is not as dramatic as when a home is foreclosed on. Second, it is advantageous to the creditor. In some cases, banks never receive back the money they lent out. By agreeing to a short sale, they are able to receive most of their money back quickly and with little hassle. In a foreclosure situation, they have to take responsibility for the home, its maintenance, and its sale. Many times these once beautiful homes fall into disrepair and the bank earns a great deal less than they would have had they received the proceeds and taken the loss from a short sale. Lastly, the buyer benefits by a short sale as they are able to purchase a home for a reasonable price.
Why hire a lawyer?
Since 1972, Leavengood & Nash, P.A. has been serving individuals, families, and communities from throughout Florida. We understand that that good, hard-working people can fall onto hard times and we are dedicated to seeing them through it. With experience in Chapter 7 bankruptcy,
Chapter 13 bankruptcy,
predatory lending, and more, you can rely on a foreclosure defense attorney to have the skill and experience necessary to help you. If you want to keep your home, they can examine every aspect of your case in an effort to discover if any predatory lending took place or any other illegal practices were used against you. You should not have to live under the burden of debt and worry. Allow a member of our experienced legal team to take on your case and do everything possible to help you.