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


Foreclosure

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.

Ramifications of Foreclosure

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.

Short Sale

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 foreclosure.

Waiver of Deficiency

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 remaining balance.

Short Sale after Chapter 7 Bankruptcy

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.

Statute of Limitations in Foreclosure

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.


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