A Short Sale Could be an Option for You
If the real estate has no equity, a homeowner may still be able to avoid a Florida mortgage foreclosure judgment by listing the real estate with us for a preforeclosure or short sale. A short sale in real estate occurs when the outstanding loan balance against a property is greater than what the property can be sold for at fair market value. If a borrower owes more than the home is worth, or has very little equity in the home, it may be time for a short sale in order to avoid a Florida mortgage foreclosure judgment.
From the bank or lender’s perspective, short sales save many of the costs associated with a Florida mortgage foreclosure lawsuit, such as attorney or lawyer fees, the eviction process, delays from the homeowner or borrower, delays from bankruptcy, damage to the property, as well as the cost associated with maintaining the property just to name a few. Banks and lenders know they could lose substantially more if the property goes all the way to auction, so it is sometimes better to sell the real estate now at its fair market value and get rid of a non-performing asset. Therefore, a bank or lender may sometimes decide to accept less than the full amount of a borrower’s loan balance in certain situations. In turn, this provides the homeowner and borrower an opportunity to avoid or minimize the damaging effects of a mortgage foreclosure lawsuit.
Short Sale QuestionsContact Us
Short Sales can be confusing, and complicated. Visit the frequently asked questions page about short sales, for answer to common questions we hear. If you have more questions, or want to discuss your situation with us, Stamatakis + Thalji + Bonanno offers a free half-hour consultation with an attorney to find out where you stand, to explore your options and to help you take action to protect your home, your property, your family and your future.
Focused & Experienced in Short Sales
STAMATAKIS + THALJI + BONANNO will quarterback the entire short sale and foreclosure defense process. We will make sure you are being defended in court, being dealt with competently and fairly on the real estate side of things, while making sure you are being properly informed. Call us before you sign a listing agreement. Call or email us today for your FREE CONSULTATION.