Foreclosure or Short Sale?
Sarasota Foreclosure Defense Attorney
Are you being threatened with
foreclosure? Perhaps you are dealing with an underwater mortgage. If so, then you
have important decisions to make and you should not make them alone. Banks
or lenders may have offered you various options, or may not have been
willing to work with you at all, no matter what promises were made by
the federal government. You need the help of a foreclosure defense attorney
to stop foreclosure and save your home.
Short sales are agreements to sell homes even though the sale price will fall short
of the outstanding mortgage balances. There are risks and benefits to a
short sale, which means that each situation should be evaluated by legal counsel
from a knowledgeable Sarasota foreclosure attorney. We will walk you through
the options that are available to you and will assist you in understanding
both the risks and benefits of a short sale.
Foreclosure should be avoided and there are often viable options to defend
against it. Whether a short sale or other strategy would work best for
you can be determined after an evaluation of your situation and all documents
related to your mortgage(s). A foreclosure is a byproduct of the drop
in real estate values, and is not your fault. You deserve help and assistance
in managing this real estate problem. The Edwards Law Firm, PL can help!
Which Is Better for Me: A Short Sale or a Foreclosure?
Generally speaking, the short sale of a property with an underwater mortgage
has less of an effect on your long term credit rating than the completion
of a foreclosure does. By doing
nothing and allowing the lender to complete its foreclosure, a homeowner loses
control over the situation and is subject to significant long term effect
on credit and a later action by the lender to collect the deficiency.
A short sale allows the homeowner to retain control over their underwater
mortgage problem by negotiating their best deal with a buyer and then
negotiating the terms of its acceptance with the lender, including a waiver
or settlement of the deficiency. If a homeowner does not like the terms
of the short sale acceptance – for example, the lender requires
a payment to settle the deficiency balance that is more than the homeowner
can afford – then the homeowner can cancel the short sale contract
with no further obligation.
Foreclosure Defense: Our Practice Areas
For those unable to meet the monthly payment requirements demanded by a
mortgage on a home, you may be in danger of having your house foreclosed
upon, surrendering ownership back to the lender or bank.
A foreclosure will not always rid you of all financial obligations. It
may leave you with a negative effect on your credit score, dealing with
tax liabilities and facing deficiency judgments forcing you to pay the
difference between the amount the house sold for and the loan owed to the bank.
In cases when the value of the house becomes less than the amount that
is owed, some may choose to seek a short sale. Through this process the
house will be sold below the amount owed on the mortgage. In general it
is less damaging to long term credit, and can be used to protect against
A waiver of deficiency frees the homeowner from needing to pay the deficient
amount when a short sale does not cover the complete balance owed to the
mortgage lender. Failing to do so can allow the lender to sue for the
If your home does not have enough equity to be liquidated in a Chapter
7 bankruptcy, then a short sale may be the best option for you. Our attorney
can help you decide what action is best for your situation.
Creditors have a set length of time during which they can foreclose on
your home. Our real estate lawyer can help you understand your rights
so that you can fight a foreclosure that violates the foreclosure statute
of limitations in Florida.
Consult a Foreclosure & Short Sale Lawyer in Sarasota, FL
Our law firm can counsel you on the options you have available. We have
16 years of experience in real estate law and our lead attorney, Sheryl A. Edwards, is a
Board Certified Real Estate Expert. Our firm will determine the best choice for you one by conducting a full
evaluation of your loan documents and any other communications from your
lender including any foreclosure documentation. We often identify excellent
opportunities to fight foreclosure for our clients, and can assist in
negotiating a short sale that protects your rights as well as advise you
of the other options you may have available.
Contact a Sarasota foreclosure attorney
for help regarding a short sale or foreclosure.